Why DO you bank with RBC?

Woodrow24 wrote: ↑ Never understood why people think it is no fees if you have to plant 5k in your account..hence that money is doing nothing for you but I'm sure it is for the bank.5k at 4%, you are missing atleast if it was invested, so looking like 15 bucks a month would be cheaper.

Well, to be fair, with RBC you don't have to necessarily leave $5k or any amount in your account to get a fee waiver. The multi-product discount to which some of us have made reference can be obtained by holding two of CC, mortgage, or investment. There have been a number of discussions on RFD over the years about setting up a TFSA containing $0.01 and signing up for a no-fee Visa to get the fee rebate.

More broadly, the balance requirements for fee rebates have varied quite a lot amongst banks. As you noted, some require large-ish amounts like $5k, while others have been $3k or even $1k. When you get down to those lower balance requirements, the opportunity cost of keeping that money in a chequing account becomes pretty trivial. Most people seem to like to keep a couple grand in their chequing account anyway just for operational purposes to avoid LOC interest fees or worse, NSF fees (I guess there are probably a few that sequence a transfer from their savings to their chequing account every time they pay a bill, but IMO that would be a royal pain in the ass).

I have the multi rebate and my savings account is grandfathered so no fees on that one. I really like the staff at my local RBC branch and our banker who used to work there...we've followed her to her new branch for investments. If I have any issues at all, I message her and she helps sort it out. I banked with CIBC when I was a kid and I felt like I was nickel and dimed for fees (I think you had to leave $2K in account to waive monthly fee). I guess you could call it inertia, but if it ain't broke, why fix it (in my case anyway).

Palidino wrote: ↑ I use to have the no limit banking plan for $10.95/m but rebated back. Now I have no more mortgage so I downgraded back to the $4/m plan for $0. Since I have now have 2 rbc products and my joint user has 2 products aswell can I still get back the $10.95 plan for $0 since we both have 4 rbc products? Or it doesn’t work like that/count

To get the full rebate on the No Limit Banking account, you must have all three products required. If you only have the first two products (active credit card and active investment), the rebate is only $5 (so $5.95). See http://www.rbcroyalbank.com/products/de ... ebate.html

On the other hand, your spouse may be entitled to a rebate on their account with their products (so you would get a rebate on your account, and they would get a rebate on their account).

I remember myself starting a thread to ask this exact same question almost a year ago: http://forums.redflagdeals.com/why-do-y ... c-2103194/

While it seems like "the cheapest" way to bank, just go with a CIBC or TD LOC and use it as a chequing account.

I feel like RBC has very very little to offer unless you are a high net worth individual. I only say this cuz it seems my managers and everyone higher up banks with RBC

dte227 wrote: ↑ nah lol.. I paid of my student loans and don't have any large assets (no house or car payment, just TFSA) ... so for my specific situation.. RBC doesn't appeal to me in anyway

How does that have anything to do with you being an employee?

Say hi to Dave McKay for us.

Interest and ipad

I didn't understand why people bank with Royal until I heard about their multi product discount, which makes a lot of sense. The past 10 years, interest rates have been so low, so 5k really cannot yield any meaningful return, 150 dollars a year at most. But AI account gives you free cheques, bank drafts and safety deposit box, plus one free premium td card without annual fee. So if you need these kind of things, ai account still has value.

Depending on who you talk to but RBC student program is amazing. Free account (same across every bank) but included eTransfer (more than BMO/CIBC) on par with TD.
Better saving account (no fee, higher interest rate than TD and less restriction than BMO)
Lots of branches and stuff (great for student/whoever in need?) and more accessible and TD (at least in Metro Vanc)
Good first card for new comer/student. (much better than crap TD Cash reward)

Again I can only speak to something I knew of RBC and TD from 2010 - 2016. Bet they haven't changed much.


RBC is still the largest bank

cluie29 wrote: ↑ I remember myself starting a thread to ask this exact same question almost a year ago: why-do-you-bank-rbc-2103194/

While it seems like "the cheapest" way to bank, just go with a CIBC or TD LOC and use it as a chequing account.

I feel like RBC has very very little to offer unless you are a high net worth individual. I only say this cuz it seems my managers and everyone higher up banks with RBC

How do you use a CIBC LOC as a chequing account? I'll assume you're referring to a personal LOC.

flyjazz wrote: ↑ How do you use a CIBC LOC as a chequing account? I'll assume you're referring to a personal LOC.

It's set up like a chequing account. I get half my pay dumped into it. Free everything that'd you'd get with a chequing account. Even let's you have a positive balance. I like it for the free etransfers even though most banking have free etransfers with even a basic $4 a month account. I know BMO does and same with RBC. If you go negative, then it's like a cheap overdraft with none of the fees

flyjazz wrote: ↑ How do you use a CIBC LOC as a chequing account? I'll assume you're referring to a personal LOC.

I think he's looking for a bit more detail because he probably thinks there's interest involved.

There is NO INTEREST involved ever when using a CIBC or TD LOC as a chequing. There are more accounts like this out there, but from my PERSONAL experience, these two work for sure.

Current Balance in LOC: $0.00 (This means you do not owe the bank any money)
If you transfer money into the LOC, or Pay the LOC account $1000, then your new balance is: - $1000.00 (This means the bank owes YOU money)
And so that's the setup, you can now pay up to $1000 of bills or withdrawals interest free.

But of course if your balance ever reaches $0, and you pay more bills or withdraw, then you are just using it like a regular LOC and WILL pay interest.

cluie29 wrote: ↑ I think he's looking for a bit more detail because he probably thinks there's interest involved.

There is NO INTEREST involved ever when using a CIBC or TD LOC as a chequing. There are more accounts like this out there, but from my PERSONAL experience, these two work for sure.

Current Balance in LOC: $0.00 (This means you do not owe the bank any money)
If you transfer money into the LOC, or Pay the LOC account $1000, then your new balance is: - $1000.00 (This means the bank owes YOU money)
And so that's the setup, you can now pay up to $1000 of bills or withdrawals interest free.

But of course if your balance ever reaches $0, and you pay more bills or withdraw, then you are just using it like a regular LOC and WILL pay interest.

There's a difference between TD and CIBC. TD charges for etransfers, CIBC doesn't

User455957 wrote: ↑ There's a difference between TD and CIBC. TD charges for etransfers, CIBC doesn't

Where is the fee schedule for the TD LOC e-transfer fee? I looked on tdct.com and there's no mention of the e-transfer fee. It doesnt even say you can use e-transfer for an LOC.

Transfer funds
using EasyWeb Online banking, the TD Mobile App, EasyLine and in branch

I always thought that everything done on the LOC was free.

Troydabes wrote: ↑ They do waive fees. They have this so-called multi-product rebate which waive the monthly fee.

This. I never keep more than $5k in the account and have unlimited transactions.

cmacc16 wrote: ↑ As soon as i started high school my mom opened me an RBC student chequing, several years later i applied for my first cc-- a rebated visa cc then switched it to their mastercard cc .. When I graduate from college i'll probably close my RBC. All my daily banking is Tangerine..

When you're younger, even if you are not using it and as long as its a no fee credit card, its best to keep your credit card account open. And if its from one of the larger banks, even better, in order to boost your credit history and available credit ratio. For example, they'll see that you have had a good standing account open for x number of years (longevity/age of the account is a positive) with no bad history, made payments on time and was never late, have a lengthy credit history, etc. You can make small payments over long periods of time to make sure it doesn't deactivate (I heard some cards do this if you haven't made a payment in a while, not sure if there's truth to this) though they'll just send you new ones past the expiry. If you do want to cancel a card, make sure to keep the card that you've had for the longest time.

I have a chequing+investment+credit card banking bundle with them which brings the monthly fee down to $0

I never have to worry about minimum daily account balance, number of transactions per month, and extra surcharges for sending an interac etransfer.

Was going to go for TD when I was searching for my first bank account, but it looks like they don't have a no-fee unlimited option available without having to maintain a minimum balance, even for University students.

Not to mention RBC has much better savings account rates, and they gave out bonus interest at the end of the year too!

vkizzle wrote: ↑ You also need a mortgage with RBC to qualify for the $0 No Limit Banking.

No. I am a university student, I don't need a mortgage for this until I graduate.