Personal Finance

Locked: RBC changing multiproduct rebates on bank accounts

  • Last Updated:
  • Mar 23rd, 2015 10:31 am
Tags:
None
Member
Apr 8, 2011
267 posts
65 upvotes

RBC changing multiproduct rebates on bank accounts

Just got a notice that starting in June, RBC will be changing their multiproduct rebates on most of their bank accounts.
Currently i'm getting $10.95 rebate on $10.95 package since I have credit card+investment+mortgage. They're changing the rebate to only $5 and require only creditcard+investment.

Only reason I got the account was because mortgage is there. Is it easy to change where the mortgage payments get taken from?
11 replies
Deal Addict
Mar 3, 2009
1913 posts
1221 upvotes
Ottawa, ON
ersatz wrote: Is it easy to change where the mortgage payments get taken from?
Yes, just ask them for a form and you can fill in the details of your new bank and the payment will be withdrawn from there.
Deal Addict
User avatar
Feb 25, 2014
2170 posts
341 upvotes
Mississauga
I have HELOC also. So if we move to another bank how can I access it?
Deal Addict
Jul 28, 2012
1047 posts
490 upvotes
Trois-Rivières, QC
dr_torch wrote: Yes, just ask them for a form and you can fill in the details of your new bank and the payment will be withdrawn from there.
I thought you had to go to the branch with a void cheque of the new bank account. But you're saying that a form can be used now... cool!
MehtabS wrote: I have HELOC also. So if we move to another bank how can I access it?
If you have an RBC client card, I believe you can access your credit line directly at the ATM to withdraw funds.
You can also use credit line cheques, but unless they were promotional and say "No fee", you'll be charged a fee of $2 after the 3rd cheque during a monthly cycle.

I also think the RBC call centre can do one-off transfers to an external bank account, but you might want to ask them first.
Deal Addict
May 12, 2014
3487 posts
3895 upvotes
Montreal
ersatz wrote: Only reason I got the account was because mortgage is there.
Ideally your mortgage should never be with the same bank that you have most of your dealings with. (that's especially true if it's a business mortgage)
Deal Addict
Oct 30, 2006
1695 posts
467 upvotes
FrancisBacon wrote: Ideally your mortgage should never be with the same bank that you have most of your dealings with. (that's especially true if it's a business mortgage)
I'm just curious, what's the reason behind that?
Sr. Member
Oct 31, 2003
863 posts
141 upvotes
Woodbridge
redflagged2006 wrote: I'm just curious, what's the reason behind that?
Especially if its a collateral mortgage and not a conventional one
Sr. Member
Apr 28, 2014
675 posts
185 upvotes
Oakville, ON
redflagged2006 wrote: I'm just curious, what's the reason behind that?
I think what FrancisBeacon is referring to is the 'right to offset'; i.e. if you are in arrears with your mortgage, the bank has the right to offset that arrears with any assets (bank account, GIC, mutual funds) you may have on file with them, without giving you prior notice.
Sr. Member
Dec 22, 2013
930 posts
223 upvotes
EDMONTON
Thread should be locked for repost.
Deal Addict
Feb 28, 2015
1312 posts
499 upvotes
Montreal, QC
I should probably switch my credit card from the RBC target to something else for a monthly contribution like gym membership, just not sure what card to switch to.. thanks for info about the changes though.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)