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Email this1:19 pm
October 22, 2018
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Prior to my father's passing earlier this year, when he renewed his GIC, he wrote down what he was quoted by his RBC rep which was 1.5% for 18 months (he previously only locked in at one year terms).
Upon my father's passing and beginning the administration of his estate, I noted that RBC was only giving him 1.35% on the GIC and immediately emailed RBC providing them with the date and rate quoted - in my father's hand writing - to which RBC replied "the rate in effect at time of renewal was 1.35%"
Since RBC would not allow us to open an estate account until RBC received and approved the probated documents, they renewed the above GIC for a period of 18-24 months at an interest rate that was .15% less then the 12-24 month rate. My father never invested longer then 12 months until the above 18 month term.
The difference of .15% times 2, is substantial when it is a seniors life savings - yet RBC won't honor their error despite having made thousands if not millions from my father's banking activity. 
After getting no where with RBC staff, I would like to escalate this thieving by RBC ... but to whom?
2:36 pm
February 27, 2018
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First, file a complaint with rbc's ombudsman.
If the issue is not resolved to your satisfaction. File a complaint to the OBSI
https://www.obsi.ca/en/index.aspx
Added edit...
Somewhere in your father's paperwork, there will be a RBC statement. Some financial institutions still do quarterly statement mailings, so September 30th 2018. Others to save cost, mail out a statement every 6 months, so June 30th 2018.
The terms and conditions should be on the statement. Rate, term, maturity date, renewal instructions.
4:21 pm
August 16, 2017
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RBC Sucks...........left them 12 years ago with no regrets.
7:54 pm
April 6, 2013
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MsScintillate said
…
Since RBC would not allow us to open an estate account until RBC received and approved the probated documents, they renewed the above GIC for a period of 18-24 months at an interest rate that was .15% less then the 12-24 month rate. My father never invested longer then 12 months until the above 18 month term.The difference of .15% times 2, is substantial when it is a seniors life savings - yet RBC won't honor their error despite having made thousands if not millions from my father's banking activity.
After getting no where with RBC staff, I would like to escalate this thieving by RBC ... but to whom?
Check if RBC follows a common practice of allowing the GIC to be redeemable on death of owner. It could allow you to move the money out before maturity to somewhere with a better rate. This is from Fiscal Agents' Ask an Expert:
Dear Money Management Editor, in regards to Guaranteed Investment Certificates, is there a standard policy regarding what happens upon death?
Dear Reader, The industry has a practice (not a standard) that most institutions follow when dealing with the death of a GIC holder. Generally speaking if the GIC is in a single name the executor of the estate will have the option of having the GIC paid out in full, including all of the accrued interest or reregistered in the name of the estate or a beneficiary of the estate. If the GIC were reregistered, the original terms and rate would remain intact. Similarly if the GIC is in joint names the remaining joint owner could request a payout of the principal and accrued interest or have the GIC reregistered just in their name or possibly joint with someone else. Some institutions may limit the payout or re-registration options based on their own policies. There are also different documentation requirements depending on the how the original GIC was registered.
12:08 am
February 27, 2018
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We had gic issues with Desjardins when my father died (mother was still alive). We ran my dad's gics to their maturity date, which was okay, they were all laddered. Upon renewal, we wanted the money pooled locally. We had to mail Desjardins at least 4 copies of the death certificate because Desjardins kept reinvesting the gics for another term.
My sister was dealing with them and when she became exasperated with Desjardins, she turned the matter over to me. One of my first statements to them was... we want the funds in canada. This really baffled the service rep in Quebec. He tried to explain to me that Quebec is part of canada. I was having none of that. ARE YOU REALLY?
1:55 am
October 21, 2013
Online
You won't want to hear this but in my opinion you might as well forget about it. What your father wrote down is what he believed they said to him, but it is not proof of what they in fact said.
There ought to be some original paperwork somewhere in his files which shows when he took it out and at what rate. He may have even signed the bank's copy.
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