I’ve been a customer of the Royal Bank of Canada for many years now. As well as my regular account, I had my RRSPs with them. My savings account was nothing fancy… the interest rate was so low that if I got more than $1 interest for the whole year, it was a good year. But that was fine, I could deposit/withdrawal money as I needed, could write about 6 cheques a year and was allowed some interact payments for free. Last year I wrote a cheque for the first time in ages and was shocked when they charged me for it. When I phoned they told me that some new fees had been added to all accounts and I should have been told.
This co-incided with me recently trying out online banking and loving it! However, I had cancelled it because I refused to pay for something that was saving the bank money.
So I was ready for a change and went hunting for an alternative bank. A few days later I signed up for Presidents Choice Financial and I’ve never looked back. Except for taking money out of a non PC Financial/CIBC machine, I get everything FREE. Infact, they even pay you for your transactions by giving you points towards free groceries! I made more interest in my first month with Presidents Choice than I had in TEN YEARS with the Royal!!
I’ve persuaded several friends/family to switch over and they are all really glad they switched.
I did keep my Royal Bank account open. I usually kept about $100 in it just for the convenience of using their machines in case there was no CIBC or Loblaws around. Yesterday I got a letter from the Royal that they are again changing their fee structure. There are fees for just about everything now! As far as I can tell, the only thing that is now free is depositing, there is even a $0.50 charge for withdrawals from machines.
How can this go on? I know us Canadians have a reputation for bitching about things but not taking action, but do they really think Canadians will continue to get screwed while banks continue to make record profits while laying off more people? Even the CIBC (the bank that PC Financial runs their accounts through) re-introduced accounts free of charge if you have $1000 balance or more (accounts they removed a few years ago).
As a result, I’ll be closing down my Royal Account very shortly…
Anyone else sick of banks fees?
I urge any Canadian who’s paying bank fees with their current account to sign up with President Choice Financial
and send a message to the greedy main banks.