Investing

RBC direct investing review - Not honoring promotional discount

  • Last Updated:
  • Jul 2nd, 2020 6:34 pm
[OP]
Banned
Nov 1, 2013
304 posts
42 upvotes

RBC direct investing review - Not honoring promotional discount

I signed up for RBC direct investing using a promotional offer advertised on their site which touted 25 free trades if $X are transferred.
After signing up, I checked with their call center and was told that I am all set up for promotion. Transferred the money, executed some trades, called a second time about trading cost and was told that they do see the account set up properly with the promotional code and that the transaction fee will be reversed.
However, when fee was not reversed even after a week, I called them a 3rd time only to be told that the promo code was not used blah blah which is utter BS. I signed up using the join link from their website itself and it had the promo code in it.
I have been told that they will look into it but no promises. I am so disgusted by this.
Their call center reps take more than an hour to respond and are often less than helpful to resolve anything. I think I need to bring this to attention of a senior person.
Has anyone come across such issue with RBC Direct Investing before? If yes how did you resolve it?
Their interface is confusing to say the least and not very handy when trying to enter orders in a hurry. I might as well close the account if this is how they operate and treat their clients.
16 replies
Deal Fanatic
Jun 3, 2009
5011 posts
996 upvotes
Montreal
Sorry to hear about your experience, have you tried complaining through RBC's various social media channels?

National Bank Direct Brokerage is much cheaper from 4.95 to 9.95 with free ETF trading with e-documents.
Deal Addict
Sep 19, 2009
2060 posts
860 upvotes
Toronto
It seems to be a trend in Canadian Financial Services. There is a recent thread here on RFD about a Simplii PAD / payroll promo and Simplii is refusing to pay claiming a "technical glitch" for more than two months.
Sr. Member
Aug 16, 2015
749 posts
259 upvotes
rbc will take all your money. go with questrade and only trade etfs.

10 dollars USD per trade Is absolutely insurmountable
Sr. Member
Jan 6, 2015
847 posts
238 upvotes
Hoping you can add more information about resolving this, I applied for this account 2 weeks ago, now I am in waiting their cards to activate it.
Deal Addict
Sep 6, 2010
1935 posts
699 upvotes
Vancouver
I applied in branch and had the fees reversed 3 days after trading.

I subsequently opened a second TFSA account online to take advantage of 15K rbc reward points to transfer, so will see if they honour it. I sent an online secure message to confirm I was allowed to have a second promotion on a different account and they indicated yes so I have documentation.
Banned
Jan 20, 2017
584 posts
145 upvotes
reps001 wrote: Hoping you can add more information about resolving this, I applied for this account 2 weeks ago, now I am in waiting their cards to activate it.
If you are talking about RBC card then make sure to confirm with them, in writing, that it is issued under the promo code. Do not activate the card till they confirm in writing.
Banned
Jan 20, 2017
584 posts
145 upvotes
andrew4321 wrote: It seems to be a trend in Canadian Financial Services. There is a recent thread here on RFD about a Simplii PAD / payroll promo and Simplii is refusing to pay claiming a "technical glitch" for more than two months.
Yeah, seems like banks are really trying to gouge clients one way or the other
Member
Feb 7, 2019
204 posts
114 upvotes
If the telephone conversation was recorded, tell them the date and time and ask them to review the conversation. I know a lot of the bank record the telephone conversation "for training purposes." I had the similar issue with another bank.
Banned
Jan 20, 2017
584 posts
145 upvotes
sushislut604 wrote: If the telephone conversation was recorded, tell them the date and time and ask them to review the conversation. I know a lot of the bank record the telephone conversation "for training purposes." I had the similar issue with another bank.
I will try but doubt if I am going to get far. They are usually pretty good at blocking any request under one pretext or the other.
Banned
Jan 20, 2017
584 posts
145 upvotes
7.13 am
Current hold time is between 30 and 45 mins. Bravo RBC
Banned
Jan 20, 2017
584 posts
145 upvotes
one hour and still on hold
Have already called and spoken to BMO investorline in last 10 mins.
Deal Fanatic
Nov 22, 2015
5704 posts
5118 upvotes
kilburn305 wrote: rbc will take all your money. go with questrade and only trade etfs.

10 dollars USD per trade Is absolutely insurmountable
Hardly... Not even 10 years ago, $30 was the going rate pretty much everywhere
Banned
Jan 20, 2017
584 posts
145 upvotes
RBC DI is a total nightmare. On hold for hour and then nothing. God forbid they ever resolve a complaint or call back.
Deal Addict
User avatar
Aug 10, 2006
1573 posts
837 upvotes
turns out when i used the promo code online application, it can only be used once. if using the code for more than one DI account, it applies to the first acct that was set-up. i asked if promo can be used for the other one instead, but he said it is a system thing and ended up getting 10 free trades within the year (one time help) which is a ok compromise i think. better than nothing.

https://www.rbcdirectinvesting.com/dms/ ... onditions/

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