Personal Finance

Rbc customers line up to close their accounts

  • Last Updated:
  • Jun 26th, 2016 3:56 pm
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11 replies
Deal Fanatic
Aug 3, 2014
5652 posts
3569 upvotes
I wish people would do this in Canada... but most people here just accept it.
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
Many Canadians can't protest if they close their accounts they think they will "relationship".
Many people in Canada who go to branches to bank are lonely elderly people who go to branches like coffee shop.
Deal Addict
Feb 24, 2008
2020 posts
585 upvotes
Well done people in the Caribbean for closing their accounts and teaching RBC a lesson. I wish all Canadians would do the same. I closed my RBC account when they announced a fee hike last year.
[OP]
Deal Fanatic
May 5, 2008
5618 posts
2269 upvotes
Winnipeg
kulb wrote: Well done people in the Caribbean for closing their accounts and teaching RBC a lesson. I wish all Canadians would do the same. I closed my RBC account when they announced a fee hike last year.
Record profits and still not enough...presidents choice banking for me
Deal Addict
Sep 7, 2004
1595 posts
593 upvotes
Toronto
In this day and age where there are so many alternatives to traditional banking I'm not sure why people put up with fee's. I understand that B&M banks have massive overhead (overhead that online banks don't have) and that those costs are recovered partly through fee's but the optics of charging fee's for day-to-day banking accounts just feels like a cash grab.
Deal Expert
Feb 29, 2008
26720 posts
3577 upvotes
Montreal
kulb wrote: Well done people in the Caribbean for closing their accounts and teaching RBC a lesson.
The sum total population of all the Eastern Carribean States union is less than the City of Hamilton.
Deal Fanatic
Jul 1, 2007
8486 posts
1594 upvotes
Canadians have a seriously perverse relationship with their banks. I think this is mostly an issue with baby-boomers and older, but it's sick and extremely detrimental to everyone's financial health.

There is no reason anybody should be paying monthly fees of any kind to have a bank store their money and give them access, yet people do. Use a virtual bank, use a low-cost checking or savings account and do most of your transactions with a credit card. Eventually we'll be able to do most of our purchasing and money transferring with PayPal and only will need our banks to deposit cheques and store money to transfer between PayPal. Anyone who is paying more than $10/mo for an "unlimited" checking account is paying some kind of stupid tax to their banks.

Eventually either people clue in, or the younger generations start to outnumber the older ones and then the banks will lose their "franchise" on day to day banking.

Canadians' addiction to the banks becomes even more damaging to their financial health when you go beyond day to day banking.

You can earn double the interest or more on savings accounts outside of the major banks.

You can save at least 1% in hidden commission when doing foreign exchange transactions outside of the major banks

You can do way better on a mortgage rate when you go through a mortgage broker who shops for the best rate for you rather than walking into a bank and subjecting yourself to the bank's negotiator (sales rep).

You can get way better wealth advice outside of the bank affiliates and not simply be sold the bank's affiliated mutual funds or expensive closet-index wrap programs.

You get much better credit card deals outside of the banks, and whenever the banks take over a credit card issuer they make the benefits worse (MBNA, Citi...)

I could go on...
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Moderator
User avatar
Mar 23, 2004
43307 posts
9223 upvotes
Markham
mr_raider wrote: The sum total population of all the Eastern Carribean States union is less than the City of Hamilton.
The point is not the # of people. The point is ppl hated it so bad that they are willing to line up to four hours just to shove it into RBC's faces.
Deal Addict
Jan 2, 2015
1603 posts
603 upvotes
Toronto, ON
Thalo wrote: Canadians have a seriously perverse relationship with their banks. I think this is mostly an issue with baby-boomers and older, but it's sick and extremely detrimental to everyone's financial health.
A lot of younger people are in this position too. I think it boils down to education and willingness to research. I think a lot of people signed up for their first bank account when they were kids and don't remember how to set one up. They think that closing an account is hard because they'll go about it the wrong way. (Talking to the old bank, which might try to hold onto your business, and then the money is in limbo until you set up a new account, etc. Actually the old bank might think you're an unprofitable customer, and the new bank can close your old account for you.)

There's a lot of young, educated and very computer-literate people on this forum. I'm sure any and all have figured out how to set up a virtual bank account and close the old one, but I'm shocked at how many young people are only barely computer-literate. I started using the internet late (at age 18, as soon as I went to higher education... it's difficult to research how to get on the internet when you don't have internet!) so it's always a little weird when I talk to someone younger than me who clearly knows less of these things than I do.
Deal Addict
Feb 24, 2008
2020 posts
585 upvotes
angel_wing0 wrote: The point is not the # of people. The point is ppl hated it so bad that they are willing to line up to four hours just to shove it into RBC's faces.
100% agree on that.

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