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RBC Signature No Limit Banking® account ... it's monthly fee to increase $1 ... from $14.95 to $15.95 on June 1, 2019

  • Last Updated:
  • Jan 22nd, 2019 2:36 pm
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RBC Signature No Limit Banking® account ... it's monthly fee to increase $1 ... from $14.95 to $15.95 on June 1, 2019

RBC Signature No Limit Banking® (monthly fee of $14.95. Please note that the monthly fee will increase to $15.95 effective June 1, 2019)

Source: https://www.rbcroyalbank.com/dms/pba/op ... tions.html
21 replies
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Nov 10, 2018
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I know this is a bit off topic, but I'm going to get on my soap box briefly.

Any person who pays a financial institution monthly fees for use with THEIR money that they've put with the bank is, without a shadow of a doubt, a stupid moron.

I cannot believe the sheer amount of Canadians who pay THEIR bank a monthly fee to access/use/pay bills with THEIR money that the bank has.

Seriously?!

Sorry, this thread really touched a nerve.

Getting off the box now.
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angryaudifanatic wrote:
Jan 19th, 2019 9:01 pm

Any person who pays a financial institution monthly fees for use with THEIR money that they've put with the bank is, without a shadow of a doubt, a stupid moron.

I cannot believe the sheer amount of Canadians who pay THEIR bank a monthly fee to access/use/pay bills with THEIR money that the bank has.

Seriously?!

Sorry, this thread really touched a nerve.

Getting off the box now.
Sad. And when you consider than 95% of transactions are now electronically done, you really have to wonder.

That said, what choices do Canadian have to avoid monthly fee's, if they want a B&M bank?
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jeff1970 wrote:
Jan 19th, 2019 9:24 pm
Sad. And when you consider than 95% of transactions are now electronically done, you really have to wonder.

That said, what choices do Canadian have to avoid monthly fee's, if they want a B&M bank?
I know this is a cheap shot answer to your question, but I would say HSBC.

No, I don't mean HSBC Premier since yes, I realize that apparently having $100,000 in total "assets" between a TFSA/RRSP/savings is a big deal (I quite honestly could not tell you why that is even a difficult thing to qualify for), but what about HSBC Advance? It's no fee banking at that point (for all intents and purposes), and the qualification is a paltry $25,000 in TOTAL.

Most folks also have a $500,000> mortgage, which I believe also qualifies one for Premier, but I seem to recall someone corrected me this last week so I may be slightly wrong there.

That said, I don't recall the last time I even stepped foot in a bank. I no longer do my day to day banking with HSBC, and have been happy with Hubert for my TFSA and Tangerine for day to day. The odd time I need to write a cheque or go to an ATM, I just go to Scotia and call it done.
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Most banks, with the exception of RBC (and maybe a couple others) do have no-fee banking if you have certain balances. $25,000 seems high to me to get to that level. National Bank is $5,000, CIBC is $3,000, unsure of other banks. However, that doesn't answer the question of where to go for a B&M if you want free banking without investments or larger deposits. That just leaves virtual banks like Tangerine, Simplii, etc.

As for RBC, once my iPad deal has been completed, I'll just downgrade to their cheapest package and keep "$500" in an investment account for free banking (being that it is only used for a couple PAD's).
How can we fly like eagles, when we're governed by Turkeys?
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jeff1970 wrote:
Jan 19th, 2019 10:35 pm
Most banks, with the exception of RBC (and maybe a couple others) do have no-fee banking if you have certain balances. $25,000 seems high to me to get to that level. National Bank is $5,000, CIBC is $3,000, unsure of other banks. However, that doesn't answer the question of where to go for a B&M if you want free banking without investments or larger deposits. That just leaves virtual banks like Tangerine, Simplii, etc.

As for RBC, once my iPad deal has been completed, I'll just downgrade to their cheapest package and keep "$500" in an investment account for free banking (being that it is only used for a couple PAD's).
But the $25,000 is working for you in investments. The $3000-6000 sitting in the account at other Banks is literally doing nothing. Not even earning interest. This is why HSBC is better.

Credit unions if you have one near you most likely have free banking.
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Apr 14, 2017
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Hopefully this makes them lose customers. I don't understand how they can justify these costs?
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Jul 6, 2018
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Meh. RBC does this shit all the time.

But they're the only major bank that let's you have a free chequing account without a minimum balance. A free credit card + minimum 500$ invested is very competitive. I don't need "unlimited transactions" or whatever, because I put everything on my credit card anyway.

They just need to make their Direct Investing platorrm more competitive, and I'd probably do all my banking with them.
Last edited by poopooplatter on Jan 20th, 2019 10:28 am, edited 1 time in total.
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Go with day to day banking and get the mentioned products to get the $4 rebate. $500 (maybe less) investment + RBC credit card = free monthly banking :)

Use RBC LOC to pay bills to save on debit transactions. Then move funds from chequing to clear the LOC balance the same day to avoid interest charges. Paying RBC loans or credit cards don't incur debit transactions.
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angryaudifanatic wrote:
Jan 19th, 2019 9:01 pm
I know this is a bit off topic, but I'm going to get on my soap box briefly.

Any person who pays a financial institution monthly fees for use with THEIR money that they've put with the bank is, without a shadow of a doubt, a stupid moron.

I cannot believe the sheer amount of Canadians who pay THEIR bank a monthly fee to access/use/pay bills with THEIR money that the bank has.

Seriously?!

Sorry, this thread really touched a nerve.

Getting off the box now.
You'd surprised @ how many people don't really care about $10/month in bank fees. & don't really make a fuss. They arent exactly morons about it.
Its like people who think german car drivers are idiots. They over pay for something unreliable. I know cheap shot... But people put money into things and mentally some things they don't care about.
For example My old chinese lady mom thinks i'm a discrace to the family b/c i got a $10 chicken slouvaki combo.... When i could cook it up at home... Lol

I'm not just saying this bc i work @ a bank. I would use online banks if i didnt get free banking. But i see the mentality of people and there is reasoning for it. $10/month sucks, but doesnt suck enough for most people to abandon it.
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UrbanPoet wrote:
Jan 20th, 2019 11:44 am
You'd surprised @ how many people don't really care about $10/month in bank fees. & don't really make a fuss. They arent exactly morons about it.
Its like people who think german car drivers are idiots. They over pay for something unreliable. I know cheap shot... But people put money into things and mentally some things they don't care about.
For example My old chinese lady mom thinks i'm a discrace to the family b/c i got a $10 chicken slouvaki combo.... When i could cook it up at home... Lol

I'm not just saying this bc i work @ a bank. I would use online banks if i didnt get free banking. But i see the mentality of people and there is reasoning for it. $10/month sucks, but doesnt suck enough for most people to abandon it.
Your analogy is poor. A German car offers a superior driving experience. 10$ a month does not offer a better banking experience
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I've got an all inclusive chequing account through CIBC. It's called a LOC
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angryaudifanatic wrote:
Jan 20th, 2019 12:47 pm
Your analogy is poor. A German car offers a superior driving experience. 10$ a month does not offer a better banking experience
For you it is a superior driving experience. But for many it is a dumbass way to spend their money. No really... people out there actually think that and truly believe in it. It actually makes some people sick to their stomach to own a german car. Just look @ internet forums.
Bc sure its nice. But its expensive and breaks down all the time.

The same people who gladly pay for banking just think “omg its $10 who gives a eff. I make that in 10 minutes @ work. I think i found a $10 bill on the ground last week.”.
Perhaps they like knowing their bank has locations they can go to. Even if they only go once a year. Or knowing that their bank is that big.

I wouldnt go as far as calling them morons. People have reason, and choices for their consumer habits. And hey its what makes the world go around... if it wasnt for corporations “nickle and diming” aka just running a business... we wouldnt have much of a society to live in.

All about choices and they’re all pretty out there now.

Tangerine and simplii make for a very small % of bank users in the bigger picture. They are pretty well marketed i do see and hear ads on radio/tv.

Perhaps its trust. Or most likely consumer threshhold. Its weird how we as rfd’ers (i have the same bias as you. If i didnt get free banking i would go for something like tangerine). But the bank plans seem to be priced just enough for people to still use them.
Last edited by UrbanPoet on Jan 20th, 2019 2:06 pm, edited 1 time in total.
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UrbanPoet wrote:
Jan 20th, 2019 2:04 pm
For you it is a superior driving experience. But for many it is a dumbass way to spend their money. No really... people out there actually think that and truly believe in it. It actually makes some people sick to their stomach to own a german car. Just look @ internet forums.
Bc sure its nice. But its expensive and breaks down all the time.

The same people who gladly pay for banking just think “omg its $10 who gives a eff. I make that in 10 minutes @ work. I think i found a $10 bill on the ground last week.”.
Perhaps they like knowing their bank has locations they can go to. Even if they only go once a year. Or knowing that their bank is that big.

I wouldnt go as far as calling them morons. People have reason, and choices for their consumer habits. And hey its what makes the world go around... if it wasnt for corporations “nickle and diming” aka just running a business... we wouldnt have much of a society to live in.

All about choices and they’re all pretty out there now.

Tangerine and simplii make for a very small % of bank users in the bigger picture.
Let's just say we're both really really stretching our analogies here and we're getting woefully off topic. I get what you're saying, and I think you get what I'm saying. Job done, time to move on.
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angryaudifanatic wrote:
Jan 20th, 2019 2:05 pm
Let's just say we're both really really stretching our analogies here and we're getting woefully off topic. I get what you're saying, and I think you get what I'm saying. Job done, time to move on.
Agreed. Hand shake!
P.s. i like german cars i just cant afford one lol

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