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I have had my RBC chequing account for 34 years - it always has a positive balance.
I have a line of credit that I've had for about 20 years.
I have their top of the line visa that I have had for 22 years, with a credit limit RBC has increased from time to time, and often asks me if I want to increase even more (I decline because I don't need a higher limit)
I've never missed a payment anywhere. I pay my line of credit down to zero roughly every month. I pay my visa statement in full every month.
I'm not involved with any illegal, or high risk activity (gambling etc), or associated with those that are. I've never been arrested for anything. Last legal issue I had was a speeding ticket 30 years ago.
I'm a home owner, and small business owner.
I do my business banking and have my mortgage with a credit union. I use a third bank for my investments.
I have a very high credit score.
As you can see, I'm a very low risk, long term RBC client. There are probably not many clients that have been with RBC longer, and who are lower risk that myself.
Out of the blue, I got a form letter from RBC with the subject line 'Termination of Banking Relationship'
There is no irregular activity on my account (ie my identity hasn't been stolen).
I've never had any arguments with any RBC employees.
They are closing my chequing account, visa and line of credit (one month notice for my chequing account and visa, and 5 days for my line of credit)
As far as I can tell, the reason is because my income is deposited into a credit union, which does not have an electronic banking connection with RBC. ie, I can't transfer funds to RBC from my credit union electronically.
The Credit union and RBC branches I use are located close to each other in the same Shopping Mall. To pay down my visa and/or line of credit, I withdraw cash from the credit union and walk it over the RBC where I deposit it.
I always get large bills, $100's or $50's if they must. (ie I'm not depositing rolls of $20's that smell like drugs!)
I've been doing this for years. When I make the deposit, I always have the credit union withdraw receipt with me and clearly visible to the RBC teller. The RBC tellers know exactly where the cash comes from, and why I'm depositing it.
Apparently depositing cash at an RBC will get your accounts closed!
I'm not talking about huge amounts of cash either.
I use my chequing account, visa and line of credit for normal household expenses. Utilities, food, fuel, consumer purchases, insurance, all that sort of regular stuff.
You might ask, why don't you use a cheque. The main reason is because RBC holds cheques until they clear, and I don't want to be in a position where I miss a visa payment date because RBC doesn't clear my cheque in time.
You may also ask, why don't you use a bank draft? The answer is because they cost $10 each.
I use Canadian Currency. This is the currency of our land. I don't have to pay to withdraw it, and I don't have to wait for it to clear when I deposit it.
The reason we have a currency is to allow citizens to pay for things.
I get Canadian currency from one financial institution, so I know its not counterfeit etc, and I deposit it into another asap.
It seems that in October 2018, depositing Canadian Currency into an RBC account, will cause RBC to terminate all your banking accounts.
It also means that RBC's risk management process is seriously flawed.
I'm a proven, long term, very low risk client. By removing me from their portfolio of clients, their bank becomes more risky, not less.
Banks are inherently risky. When a risk management process makes a bank more risky, then you have a serious problem.
If you are a client of the Royal Bank of Canada, I encourage you to consider the above.
If you are not a client of the Royal Bank of Canada, but you are thinking of moving funds there because of some deal or offer RBC is advertising, then consider the above as part of your decision.
(I recently linked my PetroCanada petropoints card with my RBC visa because of the discount that gives on fuel at petrocanada. I thought it was a great thing, until this happened!
If you are a shareholder of RBC, consider their obviously flawed risk management process, when you decide how safe your investment is.
This app is only available on the App Store for iOS devices.
Description
The RBC Mobile app takes mobile banking to the next level. Everyday banking is always convenient, but our new app helps make managing your money even easier. Our fresh and intuitive design gives you easy access to everything you’d expect from a banking app: account balances, money transfers, bill payments, cheque deposits, ATM locations and more. But we didn’t stop there. We made it easier to find each feature with improved navigation. Our Action Button and Manage Menu take the most important tools and put them right at your fingertips. The best part? These menus are tailored to each page.
Exclusive to the RBC Mobile app, NOMI plays a big part of the app experience. NOMI Insights help you manage your day-to-day finances with personalized tips and spend trends. NOMI Find & Save helps make saving easy by taking a look at your spending habits to find a little extra money and saves it for you – so you don’t have to.
We know you’ll love everything the RBC Mobile app offers, and we want you to feel safe and secure using it. Starting at sign in, we’ve given you access to the latest in biometric identification technology, like Touch ID or Face ID, so you can securely access the app without having to remember your password. If you misplace your credit card, use the app to temporarily lock your card.
We’re grateful to our clients for expressing their ongoing satisfaction with RBC’s service and ranking us 'Highest in Customer Satisfaction among Canadian Mobile Banking Apps” two years in a row2.
We’ve also fixed bugs and improved overall performance.
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Here’s how we keep you safe:
PRIVACY
RBC collects, uses and discloses the information that you provide to us in accordance with your account agreement(s) with us and our privacy policy, available at http://www.rbc.com/privacysecurity/ca/our-privacy-principles.html. Learn more about RBC digital channel privacy at http://www.rbc.com/privacysecurity/ca/online-privacy.html.
The RBC Mobile app might need to access device services for certain features, like finding nearby RBC Royal Bank® branches. For a full list of the features, check out http://www.rbcroyalbank.com/mobile/permissions/mobile-iOS.html.
For help removing the RBC Mobile app from your device, there are instructions at http://www.rbcroyalbank.com/mobile/permissions/mobile-iOS.html or you can contact mobile.feedback@rbc.com.
LEGAL
When you select to install the RBC Mobile app, you’re consenting to any future updates or upgrades. Depending on your device, operating system or user-initiated settings, these might be automatically installed. You’re able to withdraw your consent by uninstalling the RBC Mobile app from your device.
If you download the RBC Mobile app, you must review, and are subject to, the terms & conditions found under the Legal link on www.rbc.com as well as all applicable agreements between you and any RBC company, including:
- Electronic Access Agreement (Personal clients of Royal Bank of Canada)
- Business Account Agreement (Business clients of Royal Bank of Canada)
- The Operation of Account Agreement (RBC Direct Investing clients)
- General Account Agreement (RBC Dominion Securities clients)
1. The RBC Mobile app is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc. Contact information for these entities is available at https://www.rbcroyalbank.com/customer-service/index.html?lob=mobile.
2. Royal Bank of Canada received the highest score among mobile banking apps in the J.D. Power 2017-2018 Canadian Banking App Satisfaction Studies of customers’ satisfaction with their banking app. Visit jdpower.com/awards.
®/™ Trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
Touch ID, Face ID, Siri and iMessage are trademarks of Apple Inc., registered in the U.S. and other countries.
What’s New
Personal Banking:
-Add a payee in a snap by taking a photo of your bill or by uploading your e-bill.
-Temporarily lock your misplaced Client Card or credit cards for added security.
-NOMI Budgets helps you keep your spending in check with smart personalized budget recommendations. They’re created based on your spending habits.
-Use RBC Rewards points to pay bills.
Small Business:
-Add a payee in a snap by taking a photo of your bill or by uploading your e-bill.
-Temporarily lock your misplaced credit cards for added security.
Ok for banking. Lousy for Direct Investing.
Ok, so the banking functionality works. I have two other banking apps and this is in the middle of the pack. The Direct Investing portion of this app is terrible: screen navigation and reporting of useful information are the awful standouts. For instance, you can’t just return to the previous screen - you go almost all the back to the original screen ( which has at least as much real estate focused on trading with points as anything else ). Security details - it takes a lot of work to see current price. Work on this app, please!
Developer Response,
Thanks for taking the time to share your feedback on the RBC Direct Investing app. Your input is appreciated and we will pass it onto our RBC Direct Investing team. -- Kevin
Resetting monthly budget in new feature
What is the point of releasing a new NOMI feature for budgeting if it is not fully functional? I was able to successfully set my transportation budget once. Now I cannot remove it or update it, after spending some time looking for how to even do this from the app settings. Really disappointed in the lack of foresight from developers and QA that implemented this feature, please consider patching this bug or rolling back until it works properly.
Rubber Band Effect
Can you please add the rubber band effect when scrolling. It was working perfectly before you updated the app to the new UI. The absence of the rubber band effect feels really weird.
Developer Response,
We'll pass your feedback along to our developers to review for future updates. Thanks. -- Tricia
Information
Requires iOS 10.0 or later. Compatible with iPhone, iPad, and iPod touch.
Supports
Family Sharing
With Family Sharing set up, up to six family members can use this app.
Siri
Get things done within this app using just your voice.