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Email this7:09 am
April 27, 2017
Online
Sharing this in case anyone has seen something similar.
A >$1,900 debit posted to my RBC Savings account labelled “Other loan loan interest.” We have no term loans, no line of credit, no overdraft balance, and the account has not gone negative.
I contacted RBC support. They reviewed the account and could not identify any loan product tied to the charge. They escalated to "supervisor" and "supervisor of supervisor", no luck. The matter has been escalated to back office, with a response expected in 3–5 business days.
The amount implies a meaningful principal balance would have to exist, yet no such facility is visible in online banking - and we don't have any loans except credit cards which are always paid on time (and not charged to RBC's savings account).
Posting for general comments or similar experiences.
7:34 am
November 21, 2015
Offline
I hope for you that RBC will resolve it to your satisfaction.
8:15 am
January 29, 2026
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Making a payment from a savings account to a loan account, the transaction would be posted as "Transfer to loan-acct-no" or "Payment to loan-acct-no".
The debit you experienced without any reference to a loan account number is not legit, but bogus. The description "Other Loan Interest" is as unheard of as "Other Savings Interest".
You've been scammed.
8:25 am
April 27, 2017
Online
Newton said
Making a payment from a savings account to a loan account, the transaction would be posted as "Transfer to loan-acct-no" or "Payment to loan-acct-no".The debit you experienced without any reference to a loan account number is not legit, but bogus. The description "Other Loan Interest" is as unheard of as "Other Savings Interest".
You've been scammed.
Possible but seems unusual for a “scam”. Front line staff not being able to provide any info is particularly strange. At this point I assume its someone else’s actual interest that was misapplied across accounts in RBC’s system.
After the call and having said “no clue, we’ll have to send to our back office”, RBC’s staff tried to push their credit card which I am apparently “eligible for”. I thought it was ridiculous, given the timing.
6:53 pm
November 18, 2017
Offline
Trying to push products to a complaining client - who's been robbed! - is really sleazy. And stupid!
RetirEd
7:45 pm
April 27, 2017
Online
RetirEd said
Trying to push products to a complaining client - who's been robbed! - is really sleazy. And stupid!
She was told to do it. Part of her job. Yes, it's silly but not her fault. And I wasn’t complaining. I was enquiring about a transaction, which didn’t make any sense. My main concern at the time was identity theft, that someone took out debt in my name, but then front line staff would have seen the loan behind transaction.
8:07 am
November 16, 2019
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Very worrying,
but so is the "response expected in 3–5 business days".
8:34 am
February 7, 2019
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We should probably avoid these small fly-by-night banks ... 
| CGO |
5:18 pm
November 8, 2021
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mordko said
Possible but seems unusual for a “scam”. Front line staff not being able to provide any info is particularly strange. At this point I assume its someone else’s actual interest that was misapplied across accounts in RBC’s system.
I tend to agree with your assessment. RBC charged your account for someone else's loan. You got no loan with them. They will have to reverse this transaction.
6:23 am
November 18, 2017
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mordko: Of course, I'm referring to corporate sleaze and stupidity, not personal on the part of the agent.
RetirEd
6:35 am
March 30, 2017
Offline
Sounds like when a staff process a loan and specify account to withdraw payment from, a typo was made and your account number was used instead.
But then given all products that belong to a particular person would show under that person's profile, I would assume their system should catch a typo like that, or not even allow the loan setup to complete...
I have not had any banking experience with Royal, but my experience with the other big 5 (BNS in particular) is their banking system is just mutiple system stack on each other, so clumsy and some part of it so ancient it makes no sense.
For example, neither BMO nor CIBC can show the actual interest rate one's account is earning....
11:52 am
December 12, 2009
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mordko said
Sharing this in case anyone has seen something similar.A >$1,900 debit posted to my RBC Savings account labelled “Other loan loan interest.” We have no term loans, no line of credit, no overdraft balance, and the account has not gone negative.
I contacted RBC support. They reviewed the account and could not identify any loan product tied to the charge. They escalated to "supervisor" and "supervisor of supervisor", no luck. The matter has been escalated to back office, with a response expected in 3–5 business days.
The amount implies a meaningful principal balance would have to exist, yet no such facility is visible in online banking - and we don't have any loans except credit cards which are always paid on time (and not charged to RBC's savings account).
Posting for general comments or similar experiences.
My guess would be the RBC branch staff or back-office staff incorrectly debited your account instead of another account in error. As long as their entries are balanced at the end of the day, they wouldn't necessarily find it until the wrong customer (you, in this case) reports it. 
10:10 am
April 27, 2017
Online
Today is day 5 of “3 to 5 business days” that they promised to resolve it. Radio silence.
When I called, they told me, “ongoing investigation, should be done by March 12th”. I said it's unacceptable and asked to escalate. The agent escalated and said “we’ll get back to you on Monday”.
1:46 pm
November 27, 2025
Offline
It is possible that there is some internal fraud going on with the bank.
4:11 pm
October 27, 2013
Offline
Anything is possible but it may simply the complexity and layering of new and old systems/technologies that hamper finding needles in haystacks.
Some years ago, pre-covid I think, I had a ~$2800 fraudulent Interac e-transfer taken out of my BMO bank account to a Nigerian/Indonesian sounding name. Somehow someone had been able to set up a new 'payee' within my account and send off the e-transfer. It took BMO the better part of 2-3 weeks to resolve it in my favour with BMO covering the loss. It was never disclosed to me how and why it happened, nor if they were able to recover the funds.
It would not surprise me Mordko may need to give it the benefit of 2 weeks before getting resolution. The issue has been acknowledged by RBC and they will work on getting it to resolution, even if slow as molasses in February.
7:41 pm
April 27, 2017
Online
This particular type of account does not allow Interac e-Transfers. Money can be withdrawn in one of the following ways:
1. Debit to my chequing account. Can be done electronically and that's how I normally use this account. Did not happen.
2. As cash at the branch with me as signing authority. Did not happen, nor what the record says.
3. Debit at a teller to another account with me as a signing authority. Did not happen.
So I think it's an administrative entry which makes no sense. I can understand that resolving the issue may take a bit more time but I do not understand why RBC are unable to determine how and why the money was withdrawn and where it went. Particularly so that they told me “3 to 5 days” which have passed. During today’s call the agent said he escalated it and that it's at the top of the pile for the back office to look at. If accurate it means that nobody has even looked at it.
The obvious concern is that however the money got debited will keep happening. I moved the balance out (small anyway) and in theory this savings account can’t go negative, but then again, the initial unauthorized withdrawal happened in a very mysterious way.
7:05 pm
November 8, 2021
Offline
Since this debit was related to a "loan", and no loan exists, they should just reversed the transaction, regardless of their investigation. A customer should not be held hostage to their operations.
8:25 am
April 27, 2017
Online
As of this morning RBC credited back the same amount as what they originally withdrew. The entry says “Credit memo”. No explanation so far.
