Personal Finance

RBC Bank Account Changes Starting June 2, 2020 - Cancelled!

  • Last Updated:
  • Mar 19th, 2020 7:45 pm
[OP]
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Mar 23, 2004
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RBC Bank Account Changes Starting June 2, 2020 - Cancelled!

Time to make bank accounts worse again!

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The biggest change here is the free unlimited cheques downgraded to only 1 order of free cheques for the signature no limit banking account. Although it's not a big issue if you dont use cheques.

UPDATE: Per @BrokeMillennial , this will not happen (yet?) due to the Coronavirus.
BrokeMillennial wrote: Important Update - 2020 Service Pricing - CANCELLED

Important Update March 17: Service Pricing 2020 has been cancelled.

We know how challenging the environment around COVID-19 has been for our clients, employees and communities. The situation continues to evolve rapidly and our clients’ lives are being disrupted in significant ways.

In consideration of the events, we will not be moving forward with planned Service Pricing changes effective June 1, 2020. Currently, our focus is on developing treatment programs designed to give our clients much needed relief as they navigate these uncertain times. We also want to support our employees and advisors who are going above and beyond for clients with advice, guidance and support.
Good for RBC to not piss off ppl during the crisis, and tbh this shouldnt have even been proposed in the first place.
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22 replies
Deal Guru
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May 8, 2009
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Leask
I just can't take big bank chequing accounts seriously :lol:
No solicitation in sigs
Deal Addict
Apr 13, 2017
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I think RBC will never have ‘no monthly fee with a minimum balance’ - something all other major banks offer. It’s also their slogan ‘No minimum balance ever’.
Deal Fanatic
Dec 5, 2006
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Markham
headleygrange wrote: I think RBC will never have ‘no monthly fee with a minimum balance’ - something all other major banks offer. It’s also their slogan ‘No minimum balance ever’.
Other banks CEO now thinking: we don't we do it too
Deal Addict
Nov 8, 2017
1405 posts
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I just have the basic 4$ a month dealio with them
Auto 25 into tfsa and use my cc once a month and it's free

I haven't written a cheque since 1921

People still use cheques in this day and age?
Deal Addict
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Jun 23, 2017
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Toronto, ON
Yay! No mention of decreasing value of my humble RBC Day to Day Banking account .. yet. Smiling Face With Open Mouth
[OP]
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headleygrange wrote: I think RBC will never have ‘no monthly fee with a minimum balance’ - something all other major banks offer. It’s also their slogan ‘No minimum balance ever’.
Agreed, don't see that happening anytime soon, if ever.
905P4N6 wrote: Yay! No mention of decreasing value of my humble RBC Day to Day Banking account .. yet. Smiling Face With Open Mouth
Best non-news
Deal Addict
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headleygrange wrote: I think RBC will never have ‘no monthly fee with a minimum balance’ - something all other major banks offer. It’s also their slogan ‘No minimum balance ever’.
instead they have (and i'm using) 'no monthly fee with multiple RBC products' ... so they charge me $4.00/month for my RBC Day to Day Banking account and immediately credit me $4.00/month as a muliple-product rebate.
[OP]
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905P4N6 wrote: instead they have (and i'm using) 'no monthly fee with multiple RBC products' ... so they charge me $4.00/month for my RBC Day to Day Banking account and immediately credit me $4.00/month as a muliple-product rebate.
That only really works with the Day to Day banking. The no-limit banking account requires a mortgage afaik to have the fees waived, and I am sure ppl will not get a mortgage there just to get a low end account fee waived (of course, RBC uses that a benefit to tempt you into getting a mortgage there). It's not possible to get the fees waived for the Signature and VIP banking plans.
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Feb 17, 2012
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ORLEANS
So with 3 RBC qualifying products, the no limit banking account is still 100% free?
If we currently have the RBC no limit banking acocunt, can’t we just request 5 rbc cheque books for free now before they change it?
[OP]
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Palidino wrote: So with 3 RBC qualifying products, the no limit banking account is still 100% free?

If we currently have the RBC no limit banking acocunt, can’t we just request 5 rbc cheque books for free now before they change it?
Correct, but a RBC mortgage is one of those qualifying products.

You cannot get free cheques on the RBC no limit banking plan, it's for the Signature no limit banking plan, which still has a monthly fee after the multi product rebate.
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Sep 5, 2017
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User455957 wrote: I haven't written a cheque since 1921

People still use cheques in this day and age?
My condo building owner requires condo fees be post dated checks... So yes people are still forced to use checks lol. At least until probably older owners start to retire and the new younger people change things
[OP]
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Mar 23, 2004
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User455957 wrote: I just have the basic 4$ a month dealio with them
Auto 25 into tfsa and use my cc once a month and it's free

I haven't written a cheque since 1921

People still use cheques in this day and age?
pawprints86 wrote: My condo building owner requires condo fees be post dated checks... So yes people are still forced to use checks lol. At least until probably older owners start to retire and the new younger people change things
As a landlord, I much prefer cheques, instead of having to wait to be paid (tenant is travelling, forgot, going through tough times, all those bullshit/excuses to pay later). I just deposit the cheque myself whenever the month starts. Of course, there is the risk that the cheque will bounce.
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Sep 5, 2017
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angel_wing0 wrote: As a landlord, I much prefer cheques, instead of having to wait to be paid (tenant is travelling, forgot, going through tough times, all those bullshit/excuses to pay later). I just deposit the cheque myself whenever the month starts. Of course, there is the risk that the cheque will bounce.
Here's a question. As a landlord, are you swimming in money or is there more to be paid for than it seems? For example my condo fees are 285 per month right now, times 30 units is $8550, per month!! Where does it all go?

I wonder the same with standard rent, the lowest to find is 800 per month, let's say again times 30 units is $24,000, per month! Where is it all going?!

(I know this is off topic but perfect chance to ask)

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