By Duncan
So my husband have all of our accounts and mortgage with RBC. We decided to take advantage of the “skip-a-payment” option of our mortgage in Nov when my husband got laid off. We got the confirmation letter saying it was approved so we used the mortgage money to pay all the bills, etc. Imagine our surprise when the mortgage payment was taken and put us in overdraft & bounced some auto payments…to make a long story short RBC said the approval was a mistake and there was nothing they could/would do to fix it. After hours of arguing & lots of tears I had to cash in my RRSPs to pay the overdraft. RBC said we would be approved to the skip in Dec and to apply again.
So Dec 1st I apply again & we get approved, have the letter to prove it. I called just before Christmas to confirm it again and was told everyting was fine and not to worry. I even called back Dec 30th to confirm it again was told the same thing…..well I check the bank today and they took the payment again and put us in overdraft. Once again I call customer service and after almost 40 mins I was told everyone I spoke to screwed up and it’s my fault it was declined because of the debt ratio and that I should consider making more payments to bring it down. The agent told me I should try to borrow the money from family or friends to bring the account to good standing and if I can’t do that then I should consider taking a payday advance.
I don’t understand how they can get away with this and take no responsibilty for this. I don’t have any more investments to pull my money from to fix their mistake. I am so frustrated. When our mortgage is up for renewal we will be taking it elsewhere.
Ashley says...
I’m so sorry to hear that! Someone needs to own up to this huge mistake…especially considering the same mistake was made twice! I wouldn’t even bother calling customer service. Go into the bank and speak directly with the branch manager to try to get this settled. There has to be something they can do to help you. Surely this isn’t the first time they have had a customer that has been laid off. They must have some sort of option for you.
Zay says...
Yes Ashley is right. Go to the bank and speak with the Branch Manager. Don’t give this up this is your money big banks look out for themselves and not the customer. Make sure you follow up with the Manager directly, don’t bother calling customer service.
RCSS Customer says...
Take it to the media; i.e. troubleshooters. That isn’t right especially if you received a letter from the bank stating that you had been approved for a program they offer. So unfair - I feel horribly for you. We are living on one income as well my husband has just finished his chemo treatments and we’re cutting costs everywhere to make it work. Good Luck!
Duncan says...
Finally got a call back from someone who is supposed to be my account manager and said she itās all been resolved. I find it interesting that my āaccount managerā is in BC and Iām in Ontario but anyways she said she fixed it on the system and it will be corrected after midnight. Iām hoping itās true. She started telling me that I should be better at managing my money since I own a house and that I have responsibilities and obligations to the bank and that I signed a legally binding contract which I must abide by. She then started telling me how to read a contract and what I should expect when I donāt comply. I politely Iām a law clerk and I know how to read a contract and that the bank should be following contracts when they send out approval notices, she didnāt have much else to say to that. I would have loved to say much more but I took the high road and accepted her apology and I hope that itās fixed. I also commented on the employee telling me to take out a payday load to deal with the issue, her response to that was it wasnāt indicated in the notes. Iām astounded that the bank employs such incompetent people who cannot do mathematical calculations and not one but three employees all made the same āmistakeā. I think they only did something because I pointed out how much their error has cost me and that I would be taking my business elsewhere when my mortgage is up.
Thank you so much for listening and letting me vent ļ
Just Saying says...
Hold on to that letter and contact your Ministry of Consumer Services. It is a separate Ministry for each province, so look for the one for your province.
Banks are very highly regulated and the Ministry will know what your rights and options are.
Sounds to me like RBC is messing up, and nobody is taking responsibility for it.
dawn says...
When we the tax payers have had to bail out the big guys and this happens go to your M.L.A or M.P also go to the T V .
glowworm2k says...
Just Saying brings up a good point. As this will probably show up as a black mark on your credit rating, you should pursue filing a complaint against RBC. It can be difficult to get things removed from a credit report once they appear there and it could damage your ability to get loans, negotiate good rates for your your mortgage, etc etc.
Good luck to you; I know what it’s like to struggle to cover bills when money is tight!
Duncan says...
Just checked my bank account and what a surprise the money hasn’t been returned. I will definately be taking this up with the Ministry. They also had the nerve to charge me an overdraft fee and interest for their mistake!!
Just Saying says...
glowworm2K is correct.
I don’t want to panic or piss you off even more Duncan, but even if the bank absolutely admits it was their mistake - even in writing - it can still be very difficult to remove it from your credit report. There are hundreds of stories of people who spend years trying to get errors on their credit reports and ratings corrected, even with all the proof necessary, and stil get nowhere.
Be vigilant and stand up for your rights.
Joe says...
Hope this works out for you Duncan. Please keep the board updated.
Shannon says...
The best person for you to contact to get this resolved is the Office of the President for RBC. They have the ability to make the branch correct everything without it showing as a black mark on your credit. They have the ability to contact the credit bureaus to have it corrected. Go into your branch and ask for the contact info for the Office of the President. The have no choice but to give it to you. Hope this helps and everything gets resolved.
Duncan says...
I have spoken to the bank, Equifax and Transunion and the bank does not report mortgage payments to any credit union. I pull a credit report for myself and my husband every 6 months and the reports don’t even list that we have a mortgage. The bank said they have reversed everything and it will not show against me when it comes time to renew my mortgage.
However, you are all right and I am in the process of getting this resolved with the President’s office and the RBC Ombudsman. I will not let this drop or be counted against me. Unfortunately they have so many hurdles I have to pass through just to get anyone at the Ombudsman’s office to listen to me. I will keep you all updated.
Thanks again!
Eeyah says...
If the bank says it won’t show anything against you when its time to renew, I’d be asking for it to be written down as proof, so when you do go to renew and if is does pop up as an issue you have a piece of paper that you can wave in there face and prove you are right. Knowledge is power, and when it concerns money do everything you can to protect yourself.
Ryan says...
My issues with RBC are nothing like yours but they still bug the hell out of me. Twice they have put cheques through before the date on them, sure they refunded the NSF fee but I expect better from them.
Their customer service is spotty at best. How they got to be Canada’s fave bank is beyond me.
For example just today I was in the bank for a money order, I get six per year with my banking package. The teller tried to talk me out of it saying that I can pay bills on line. I am well aware of that, I do it all the time. What I was asking for *today* was a money order. After asking her four times she got huffy with me, said “don’t talk to me like that” and stormed off to talk to her manager. Total BS on her part, she put on a good show though. A minute later I was speaking to the manager, who directed me to another teller, who at least got me the money order I asked so many times for.
They suck plain and simple. I’m joining a credit union. RBC is fail and it’s time Canadians woke up to that.
rusty says...
Royal Bank SUCKS! Posted a deposit last wednesday to clear a power utility cheque. The amount in our account was 226.40, the cheque was 228 and they bounced the sob! Piss poor customer service refused to help in any way. That’s the shitty service from Canada’s chartered banks that we as Canadians are forced to put up with, ‘ya just cant work with’em!
Gary says...
I agree the big banks walk all over the customers and try to convince us its in our best interest. We recently cut our losses with RBC and got out of our mortgage. There was one payment outstanding and I called RBC and told them to withdraw the money from our account. The next day they called our lawyer and told her that if the money wasn’t paid they would take legal action. What part of take the money from the account don’t they get??? I think if banks actually listened to their customers they might keep a few of them. As a result I am switching everything away from RBC and never going back. Their treatment of a ‘customer’ was atrocious. What other business (besides Rogers but thats another story) can treat clients this way and still get business. We are paying for their service. Its not like they aren’t making a killing from mortgage money. If enough people leave and take their money with them maybe they will clue in. Than again maybe they won’t because obviously its OUR fault. Good luck. I hope you get the change you deserve from them.
Stephen says...
Do not trust them at all. They do not care about customer service, it’s a ruse. They get your business and then only follow their predetermined guidelines with absolutely no consideration for your past loyalty, current situation etc. Don’t be fooled into thinking that they will treat you fairly. They will not. They always work under the premise that you need them more than they need you. Hence the grotesque profits that they rake in every year while many of their clients are struggling in a rough economy.
Think of all of the companies out there offering debt solutions……why, because the banks aren’t offering them. Why? Because they don’t care enough about their clients and loosing some profits because they are still raking it in. Well the gravy train may be coming to an end for them. The big downside? Everything that has an effect on them has a direct affect on our standard of living and the state of the economy in this country but it’s time to put an end to it and deal with the consequences. When they are still doing great we may not be. When they report negatives in the country’s banking situation, we most definitely suffer…..hmmmmmmm, pretty good set up for them isn’t it?
Well we need to stop feeling the whole blame for our finances when prices and costs go up and our incomes don’t. What happens? We borrow more and use more credit. A big part of the reason for the global downturn in the economy was the lending practises of the banks and all of a sudden they put the brakes on when it’s actually needed the most.
Pull your money asap from RBC or any bank that treats you disrespectfully as a customer. They do not deserve to touch a cent of your money or business. It’s not as easy as it sounds but it is doable.
Stephen says...
BTW - I know that it’s definitely not the banks that are all to blame but how about some culpability without it being forced on them. Speaks volumes.
Mike says...
RBC Direct Investing is horrible. 3 separate trading accounts setup 3 different ways (one through bank branch personnel, one online and one via telephone) and ALL three were incomplete (of course they never told me that while I transferred large sums of money into these accounts). A month and a half later, I tried to trade on an excellent opportunity and none of my accounts are working. Cost me more than $10,000 in ONE week. The “problem” (they didn’t have a signed original of the account agreement, they had copies) were OK according to two different direct investing personnel - one of whom was advising the branch person whom I set it up with.
Zero responsibility taken by the organization - told me to take a hike. I was with them on the banking side since 1992. So I took a hike. I moved all my accounts away (banking, investing, etc) to another organization and if I have a say in the matter Royal Bank will never get another dime of business from me for the rest of my natural life. With a credit union now that doesn’t nickel and dime me and takes responsibility for customer service. RBC can stick it where the sun doesn’t shine.
Roland says...
I do my banking with PC Financial and I was renewing my mortgage with them and was changing payment periods (from bi-weekly to semi monthly) and apparently they didn’t switch it and withdrew the amount a week earlier than I thought they would. I didn’t have enough funds at that time so I got dinged with the overdraft and charged with fees… I called my mortgage agent in PC Financial and they admitted that they made a mistake, refunded the charge and made everything ok. Duncan’s experience clearly shows how inflexible RBC is, specially with cases that are already documented and agreed upon by both parties… I’m glad I stayed away from banks like RBC who even has the gall to charge monthly fees for banking, but gives you bad customer service vs Free banking like PC Financial and still with great customer service…
Henry Engelhardt says...
Stephen above is sooooo right. RBC is the worst consumer organisation I’ve ever dealt with. My problems are with RBC Wealth Management USA. I tried to close two accounts where I’m guardian for my children. It took four months to get the funds. And they closed an account I never requested to be closed! When I sent them emails and letter saying ‘where’s my money?’ they ignored them. Only with help from FINRA did I finally get the money. And when I had the temerity to ask them to make a gesture of goodwill in the form of a US$500 donation to charity, they said sorry, they’re a great organisation and they won’t do that. They are the most incompetent, sloppy, arrogant, uncaring consumer organisation I’ve ever met. And yet their website goes to great length to seduce consumers with talk about ‘charcter’ and ‘putting the customer first’. What a load of Crap, as in Royal Bank of Crap.
Maria says...
The Royal Bank Student Loan Service forgot to start my automatic withdrawls for my student loan payments after an interest relief period. When I was past due one month they were very rude, having people call me with thick East Indian accents and badgering me when it was their mistake in the first place that they didn’t take my payment. The Royal Bank really needs to step up and be more accountable in whom they are hiring to deal with customers. Canadians do not like being treated poorly - I will just take my money elsewhere. Cheers to The Royal Bank - hope you don’t invest your money with them or you will be sorry.
Peter says...
Just a tip for all of you - if you have ANY issues with banks, threaten (or actually) go to the Office of the Superintendent of Financial Institutions (OSFI). When banks hear this, they will take you much more seriously as any complaints to this group can affect their operations. Coming from someone who used to work in the banking industry, trust me on this one follow these steps:
http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=1549