Expired Hot Deals

[Royal Bank] *RBC* get $300 for opening a new all-inclusive account

  • Last Updated:
  • Jan 18th, 2020 12:55 pm
Sr. Member
Dec 23, 2006
704 posts
137 upvotes
Montreal
Been a long standing RBC client for close to 15 years now. Mortgage, VISA Infinite and VIP Account. Mortgage rate is extremely competitive (almost 2% under prime), Both VISA's are free but I do pay the VIP price (with a 35% discount). Any time at a branch or on the phone they treat me extremely well. The warranty claims I've used on the VIA alone has close to paid for anything I have paid in banking fees...

The only account that has almost closed on me was a USD account with a very low balance and no activity for almost two years. When I went to withdraw the money to close it, they actually convinced me to keep it open. Didn't seem they wanted me to close it. I have well over 10 accounts with them (eSavings for the kids and several other savings accounts).

I don't see a big issue with an account that sits dormant for 2+ years with a balance of 0$ being closed to be such a huge deal. I would agree a communication should be the minimum. But I would also suspect that those saying that happened aren't sharing the whole story or maybe aren't well informed as to what took place...

Either way it's always YMMV sort of thing but since there was so much bashing, I wanted to say that My wife and I are very active users of many RBC services and I've never been left unsatisfied with any interactions with them.
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Jr. Member
User avatar
Jul 23, 2007
179 posts
211 upvotes
Montreal
roblombardi wrote: They always have to inform you, if you weren't informed, then you have a case and should report this to the Ombudsman.

However, they seem to close accounts from time to time, if they think you are a high risk client, or involved in money laundering (and not only RBC, but all banks would do the same if you are flagged for these reasons); however, again, if you are wrongly flagged, you can ask for an investigation or report it again, to the Ombudsman
While what you are saying makes sense and could be a great answer to FAQ, this is not what he is saying.
If it's always the same bank flagging people and closing their accounts then there is a good chance the issue is the bank and not the clients... But hey they can kick out whoever they want they dont owe us anything.
Ive been with RBC for over 25 years myself and never had any major issues. I just remember when applying for the avion card by phone it took 3 phone calls and they had to verify this and verify that... Thats compared to instant approvals for all other banks...
Deal Fanatic
User avatar
Jun 1, 2006
6545 posts
5350 upvotes
Toronto
sky1213 wrote: While what you are saying makes sense and could be a great answer to FAQ, this is not what he is saying.
If it's always the same bank flagging people and closing their accounts then there is a good chance the issue is the bank and not the clients... But hey they can kick out whoever they want they dont owe us anything.
Ive been with RBC for over 25 years myself and never had any major issues. I just remember when applying for the avion card by phone it took 3 phone calls and they had to verify this and verify that... Thats compared to instant approvals for all other banks...
But if you google cases of people having their accounts closed for no particular reason, you will see not only RBC does it, other banks do it too if they believe they have a high risk client; also, you had issues getting an Avion credit card... I had issues getting a regular credit card with TD once, even if I had a full time job at that time and was getting regular paycheques, they told me they would give me an "insured" credit card, where I would have $2,000 credit, but I had to deposit $2,000 on a special account that I could not withdraw for 2 years :facepalm:

All banks have their own things, but my post was more geared towards recommending to ask for an explanation or an investigation if you think you were treated unfair
I swear to drunk I'm not God 😝
Deal Addict
Nov 3, 2009
1167 posts
580 upvotes
Calgary
roblombardi wrote: They always have to inform you, if you weren't informed, then you have a case and should report this to the Ombudsman.

However, they seem to close accounts from time to time, if they think you are a high risk client, or involved in money laundering (and not only RBC, but all banks would do the same if you are flagged for these reasons); however, again, if you are wrongly flagged, you can ask for an investigation or report it again, to the Ombudsman
They didn't inform me.

I used to have 2 USD accounts and 2 CAD accounts with them. They close 1 USD account and 2 CAD accounts without informing me. The funny thing is the CAD account was opened when I did a mortgage with them (They will force you to open a bank account if you want to waive the appraisal fee...). And they just closed my account in 2 weeks after... I'm not planning to use it anyway so I didn't report or complain.

I bank with TD, CIBC, RBC, Scotia, HSBC and BMO. So far BMO is the best among all. Their mortgage rate is also very competitive. The only drawback is they don't have lots of branches in Calgary.
Deal Fanatic
User avatar
Jun 1, 2006
6545 posts
5350 upvotes
Toronto
ibuddler wrote: I'm not planning to use it anyway so I didn't report or complain.
You should still ask about it, in my opinion... maybe there's somebody out there who has the same name as you and has been flagged for fraud, or other issues??... I would still go back and ask for some clarification and ask why was I not informed at all about it
I swear to drunk I'm not God 😝
Newbie
Oct 31, 2006
63 posts
35 upvotes
Wpg
I have an account with a local credit union. No fees for an awesome banking package. When I phone there it rings twice and I am speaking to an actual person. Cheap and flexible LOC and friendly service.
Newbie
Jan 21, 2019
9 posts
4 upvotes
kopokipi wrote: fee sucks, rbc sucks, no deal
I agree. This is not a good deal as you have to pay monthly fees. There's no point of getting that $300, it will just go back straight to them. They have no waive account.
The Winter 2019 $300 promo at BMO is better. You park $6k into the new chequing account and you don't have to pay mothly fees. At least they have options, and that is good enough for me.
RBC is always cheap! Even where I work, our main tenant is RBC, they don't spend a nickel!
Nothing is better than free stuff! Lazy people don't get free stuff!!
Member
Aug 7, 2019
232 posts
44 upvotes
Ohlias wrote: Been a long standing RBC client for close to 15 years now. Mortgage, VISA Infinite and VIP Account. Mortgage rate is extremely competitive (almost 2% under prime), Both VISA's are free but I do pay the VIP price (with a 35% discount). Any time at a branch or on the phone they treat me extremely well. The warranty claims I've used on the VIA alone has close to paid for anything I have paid in banking fees...

The only account that has almost closed on me was a USD account with a very low balance and no activity for almost two years. When I went to withdraw the money to close it, they actually convinced me to keep it open. Didn't seem they wanted me to close it. I have well over 10 accounts with them (eSavings for the kids and several other savings accounts).

I don't see a big issue with an account that sits dormant for 2+ years with a balance of 0$ being closed to be such a huge deal. I would agree a communication should be the minimum. But I would also suspect that those saying that happened aren't sharing the whole story or maybe aren't well informed as to what took place...

Either way it's always YMMV sort of thing but since there was so much bashing, I wanted to say that My wife and I are very active users of many RBC services and I've never been left unsatisfied with any interactions with them.
How did you get free VISA's?
Sr. Member
Dec 23, 2006
704 posts
137 upvotes
Montreal
Brought my mortgage, banking and investments over to them. Got the VISA Avion Infinite and a second card for free. But i pay $20 per month for VIP banking.
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Always looking for a great deal! :twisted:

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