Not all customers are closing their accounts: RBC Royal Bank

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Not all customers are closing their accounts: RBC Royal Bank

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While some clients of the local RBC Royal Bank branch have been closing their accounts due to an increase in monthly fees, others have chosen to remain with the bank.

Country Manager, Sandra Fontenelle, told St. Lucia News Online (SNO) on Tuesday (June 21) that staff have been providing clients with the best possible advise with respect to the options that are available to them.

“We continue to communicate with them regarding these charges and we assure them of our continued commitment of serving. We are addressing their questions and we are also thanking them for their business,” she said.

Fontenelle told SNO that while some customers have been opting to close their accounts with the bank, others have decided to transition to the other “fleet of products” that they are now offering.

The bank recently rolled out two new products: the new aged based account, and the youth savings account which encourages saving for persons below 17. Both of these options will not be charged, Fontenelle said.

There is also the option of a 60 plus account for senior citizens which comes with reduced rates.

“What we have been encouraging our clients to do is to visit the bank or relationship manager so we can give them the best possible advise. We have found that our clients are very  understanding and appreciative of the advise that we are giving them simply because we care about our clients and we are communicating with them.”

Fontenelle said so far it has been a smooth process, as customers have responded positively.

Holders of personal savings and personal banking accounts are now required to pay a monthly fee of $25 on each account. This took effect from Monday, June 20, 2016.

The new requirement means that customers remaining with the financial institution for personal banking would pay the bank $300 for the year and $1,500 over five years.

Dozens of personal accounts have been closed here since the bank announced its new fees, it has been reported.

Other Caribbean islands have been affected by the same increase.

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17 COMMENTS

  1. Shame shame RBIc people believe it or not end of time prophecy Are been fulfill right under our nose.

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  2. It's a cycle that other bank WILL join in soon. Watch and see. So think bout your financial goals and do what's right for you.

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  3. Maybe retired KDA is their financial advisor. Such extraordinary financial brilliance in things NICE, and in STEP should not at all ever be overlooked or go unrewarded. What are they aiming at next 'negative interest rates?'

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  4. Royal Bank of Canada must be smoking some thing illegal... The question is why in canada that fee is paid to Canadians and other nationality. Guess island people have money growing on trees. What a mess........

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  5. Fight fire with fire my peeps open an account for ur child or children who's age is 12 an under so they can't take nothing from that account an since u are the guardian/parent of the account owner u can withdraw or deposit cash when u want until the child/children reaches 17 end of story check mate RBC.

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  6. I do not buy this gibberish coming from the bank. It makes absolutely no sense. All customers should close their accounts ASAP. As one blogger sated previously, it is a ploy by the bank to keep poor people away. EVERYONE SHOULD CLOSE THEIR ACCOUNTS!

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  7. I didn't close my account. I had $100 there. I withdrew $100 from the ATM before the fee. TEchnically the account not closed. But I won't be using it anymore.

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    • My advise to you is to closed your account even thought you don't have money in your aaccount you will be charge $25 fee as account it still active hence you will be owing the bank now

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  8. I don't think RBC is telling us the whole truth. At $25.00 per month ($300 per year), with low interest rates, the charges will exceed the interest paid on many accounts. Put simply, if you had $2,000 in your savings account and left it alone for a year, you might find you only have around $1,800 at the end of the year.

    The people who run RBC are not idiots (or so we hope). They must know that if a customer has a savings account that is losing money, the customer is eventually better off closing the account. Yet they deliberately set the fee at a level where it would have exactly that effect.

    So why would they do that? The only plausible explanation is that they have decided they do not want to be the "small man's bank" because that is not profitable enough.

    The only appropriate response is for us the "small people" to take our money and our business elsewhere. Because if it works for RBC, you can bet that before the end of the year another bank will be doing it.

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  9. Close all.ur accounts with banks and deal.wirh the credit unions. Your money is guaranteed to grow there while u get everything u want

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  10. this reports and statement by the country manager has no substance. She has not said anything to influence or change my mind not to close my account. How many 17 yr old has an account with enough cash to ensure that the bank has its required cash flow.Even as per report i read ECCB was amazed at the new charges. RBC had so many promotions in the blvd for cars and i guess their bad debt has increased over the pass years and the only way to recovery in to tap into persons savings. This bank lack what it takes to retain or attract customers as their product is not pallet able. GOod day RBC , welcome credit unions ansd First National Bank.

    My only issue is that other banks will follow suit and then they will try to find something in law that will have the credit union follow them

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  11. am confused so what is the difference between the personal banking and the two new products ? isnt all of that the same savings account

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  12. Something does not add up. Why this much? Someone is away studying for the next 6 months will come back to find that they been charged of $150. Wow...

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  13. ONLY BECAUSE I STICK MYSELF WITH A BLOODY LOAN FROM THESE FRAUDSTERS I HAVE AN ACCOUNT. BUT MARK MY WORDS AS SOON AS THE LASE CENT IS PAID OFF OUTA DEH!

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