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Royal bank bad experience
June 2, 2018
3:33 pm
tgaucher
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After not getting an offer for tangerine for June 1st and after reading that another lady was offered 2.5% at RBC until aug 15 I called RBC and asked for the offer. The gent on the phone said no problem and he would give it to me. Upon hearing this I deposited a substantial amount of money with them. When interest was paid today it was only at the .9% percent so I phoned. They didn’t believe I had been offered this so I was able to give them the date and time I had called. The gentlemen said he would call me back after he located and listened to the recording. He called me approx 1 hr later and said he had indeed found the recording and I had been told yes I could receive the offer. Instead of offering to rectify it then and there he said he would have to look into it and see how he could resolve it and would call me Tuesday. I do not understand why he just could not give me the rate as he acknowledged I had been told as they are offering and paying it to other customers. I have been a RBC customer for over 50 years but am ready to move everything I have out of there

June 2, 2018
3:45 pm
Top It Up
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I'm currently going through a falling out period with RBC so far be for me to stick up for them but I'm wondering if the telephone guy just didn't have the wherewithal or technical ability to go into the system and effect an immediate change therefore put you off until next week.

June 2, 2018
3:56 pm
Norman1
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Today is Saturday. Maybe no-one with the authorization to increase your rate from 0.9% to 2½% is working this weekend.

An extra ¼% is likely routine. But, an extra 1.6% is quite an increase.

Royal Bank acknowledged that the 2½% rate was promised by their agent. I'd wait until Tuesday to see what they say.

June 3, 2018
12:18 am
Kidd
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I gave up on RBC back in the early 80's.

Their credit card charged $0.15 per transaction or a flat rate.
I owed shares in a graphics company called Omnibus, RBC foreclosed on them and then they took their Cray server, there went my shares.

RBC bleed 1 BILLION dollars out of the economy every 30 days, YES 3 BILLION every quarter. The CBC did a special years ago about how the big 5 banks pay little to no tax, due to offshore write offs. Every so often YOUR government threatens to look into bank service fees BUT the banks seem to warn (pay) the federal minister off because nothing ever changes, it in fact always gets worse. Canada is known for having the highest banking service fees in the WORLD. Canada pride themselves on being #1 for all the wrong reasons.

"Canada's biggest lender by market value reported net income attributable to common shareholders of $2.98 billion or $2.06 per diluted share for the quarter ended April 30, up from $2.72 billion or $1.85 per diluted share a year ago."

http://www.cbc.ca/news/busines.....-1.4676028

The Canadian governments have also spent millions of dollars researching gas pricing. The government found no correlation between weekends and a price increase at the pumps. There's always a legitimate reason, a full moon, a refinery in Norway ran out of steel barrels.

June 3, 2018
1:07 am
Loonie
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... and it always just happens to take place on a weekend.

RBC issues aside, I am absolutely amazed that this CSR was able to locate the previous conversation and listen to it within an hour!
I am thinking of Bell Canada and the numerous conversations I have had with them where they promise such and such a rate, a rate which never exactly appears on my bills, and any savings achieved do not last a year even when promised to do so. Even though I write down the time and name of person spoken to, Bell could care less. When I call back to try to actually get the deal I agreed to, they are dismissive and it is quite beyond them to retrieve the call - and this is not a bank, it's a TELEPHONE company! Hello?

June 3, 2018
1:44 am
Kidd
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I had issues with Primus and they were able to listen to the voice recordings (HELL, i have issues with everyone.) The only problem was... the supervisor and i disagreed with the meaning of what the sales agent said. "We will give you call display." To me, that meant for "free" to the supervisor it meant for a monthly fee.

I had "call display" for 2 years, then when i renewed my service plan, "call display" was removed. I called to complain.

June 3, 2018
2:02 am
miro
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I phoned them today at this # 1-866-783-6024
Link
At the general RBC # they did not have the answers for me either, but on my second try, lady on the phone told me that the bonus: 1.6% will be paid on 4th each month and the last one on 17 Aug.
Hope that helps

June 3, 2018
8:45 am
Norman1
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miro said
I phoned them today at this # 1-866-783-6024
Link
At the general RBC # they did not have the answers for me either, but on my second try, lady on the phone told me that the bonus: 1.6% will be paid on 4th each month and the last one on 17 Aug.
Hope that helps  

There is a link on that Royal Bank web page to the full offer terms and conditions.

Looks like interest will be paid in two parts on the second business day of the month. One part is the regular 0.9% interest. The other part is the bonus 1.6% interest:

B. DEPOSIT WINDOW

On each day during the Deposit Window [May 15, 2018 to August 15, 2018], you will earn interest on the Deposit Window Balance at the Promotional Interest Rate [currently 2½% per annum]. Interest is calculated daily. Interest at the Regular Interest Rate [currently 0.9% per annum] is paid monthly on the second business day of the following calendar month to the account in which it is earned. Interest at the Bonus Interest Rate [currently 1.6% per annum] is paid monthly on the second business day of the following calendar month. All interest earned at the Bonus Interest Rate across all eligible eSavings Accounts will be paid into the eSavings Account of the Eligible Client with the earliest account open date. If the Promotional Period ends before the last day of the calendar month, Interest at the Bonus Interest Rate is paid on the second business day after the last day of the Promotional Period.

Perhaps nothing is actually wrong.

Second business day of this month is tomorrow, Monday, June 4. RBC Royal Bank could be doing the regular and bonus interest calculations in two separate jobs on their computer system. The job to credit the regular 0.9% interest has run and the regular interest is now visible. The job to credit the bonus 1.6% interest may be running tonight and the bonus interest could show up on Monday.

June 3, 2018
10:47 am
tgaucher
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I wish the issue was just the delayed interest payment, the manager I talked to said I should not have been told I was eligible and it was an error on their part. I asked him why my business was not as good as the person they were emailing with the 2.5% offer and he didn't really have an answer for me.

June 3, 2018
2:36 pm
Norman1
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I didn't receive the offer either from RBC. sf-frown

The manager is correct. According to the terms & conditions miro pointed to, only those who received a special e-mail or a special login notification are eligible:

A. ELIGIBILITY

… The eSavings Bonus Offer is only available to existing clients of the Bank who receive the Offer by email directly from the Bank and/or receive a notification that they are eligible to participate in the Offer when they log into the Bank’s Online Banking website (“Eligible Client(s)”).

I don't think it is a judgment on customer desirability. Probably selected a class of desirable customers and found there was only marketing budget to give the bonus interest to maybe 25% of them. Computer then selected a random 25% of the desirable customers.

RBC certainly doesn't need to pay anywhere near 2½% plus CDIC premiums for short-term funding. The current yield to maturity on the two-year Royal Bank 1.92% bond, maturing 2020-Jul-17, is just 2.55%, no CDIC premiums. The Royal Bank 2.820% bond, maturing in just over a month (2018-Jul-12), yields just 1.57%.

June 4, 2018
12:08 pm
Pipersierra
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I learned my lesson recently. Stay away from RBC. Had a mortgage, credit card and safety deposit box with them and was contemplating moving more business over. The RBC branch is closest to me, so it seemed like a good idea. In the span of several months they managed to make every product they provided me a problem. It was an eye opener. #RBCneveragain

June 4, 2018
1:49 pm
Saver-Mom
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Last July they had a promo for 2% , but after I did the whole application on-line they told me to go to a branch to “finish opening the account” by presenting ID to prove that I am who I said I was. When I got there they refused to see me and told me to make an appointment. Why wasn’t I told to make an appointment in the first place instead of wasting my time this way? So a big “Ya, No” to RBC.

June 4, 2018
9:45 pm
Loonie
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Norman, you mentioned the cost of CDIC premiums.
Do you know how much they are? Are they constant, or do they vary according to the credit rating of the bank in question or other factors?

June 5, 2018
6:19 am
Top It Up
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June 5, 2018
9:19 am
Norman1
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CDIC premiums are different depending on the financial institution. The link to the 2018 CDIC premium manual Top It Up posted provides the details, including the scoring form CDIC members submit.

CDIC scores the member. Based on their score, they pay one of the following rates on their insured deposits:

  1. 7.5 basis points (0.075%)
  2. 15.0 (0.15%)
  3. 30.0 (0.30%)
  4. 33.33 (0.3333%)

CDIC members are required to keep their premium category secret.

June 5, 2018
9:22 am
Loonie
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Thanks for the link to this interesting document.
It would be beyond my ability to interpret how it would apply to the FIs we know, but at least it establishes that the rate is not the same for all.

Can anyone hazard a guess as to how it would work out in practice?

June 5, 2018
10:33 am
Bill
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So, tgaucher, did you get the rest of your interest?

June 5, 2018
10:38 am
tgaucher
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I havent heard anything yet, it is still early here on Tuesday, he promised it would be resolved one way or the other today.

June 5, 2018
10:48 am
Top It Up
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If it truly went down as you say it did - to hell with the email only offer - I'm siding with the taped telephone conversation that gave you the offer verbally - good luck!

June 5, 2018
11:06 am
tgaucher
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Well they just called me back and agreed to honour it for 1 month only. They acknowledged that in the taped conversation I was promised until Aug 15th but they are unable to honor it. I will be closing all my accounts with RBC in the next few days. Very disappointed as I wasn't asking for anything they weren't already paying to some customers and if they had of said no when I phoned in originally i would of accepted that but to say yes and then renage is extremely disappointing. It really did go down the way I said it did and he was able to listen to the conversation and confirm this as I told him the date and time of conversation and he was able to search for the conversation by looking up my phone number. What I was promised was never in question.

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