RBC to increase fees from June 1

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The Royal Bank of Canada has announced that some of its customers will have to pay a fee when making regular mortgage or loan payments. The bank is increasing transaction fees across a wide range of accounts of payment types and the change means that savings account holders who make a mortgage payment will have to pay between $2 and $5 on each occasion. While the fees aren’t large, many will baulk at the principle. Those looking to make a saving on charges could perhaps pay their home loan through a child’s saving account which will only attract a $1 fee! A number of big banks have recently increased or added fees to their accounts in a bid to recover losses from lower interest rates although not all have added charges for mortgage payments… yet. 
  • NMH on 2015-04-30 7:54:11 AM

    Despicable These guys need to be reigned in ! Consumers need to revolt against the audacity of the Big 5. Absolutely ludicrous. the Big 5 now want to charge you more for the privilege of making incredible amounts of money off the banking public. Time for some alternative options to come to the forefront and teach the big 5 a lesson. who has the entrepreneurial kahunas to step up ?

  • nancy on 2015-04-30 7:57:31 AM

    You should check your informations. It's sad to see such an inaccuracy posted on this site, its becoming no better then a tabloid magazine.

  • John Cramer on 2015-04-30 8:04:53 AM

    The charges appear to be there: http://www.rbcroyalbank.com/servicefeechanges/

  • John Cramer on 2015-04-30 8:05:04 AM

    The charges appear to be there: http://www.rbcroyalbank.com/servicefeechanges/

  • John Cramer on 2015-04-30 8:05:31 AM

    The charges appear to be there: http://www.rbcroyalbank.com/servicefeechanges/

  • Mike Celuch on 2015-04-30 8:22:09 AM

    This is good news for brokers. Combine this fee with their "New and Improved" I.R.D. calculations and consumers will soon start to look for alternatives to the big banks. It's now up to us to ensure that they know these details and the choices that are available.

  • NMH on 2015-04-30 8:27:09 AM

    Nancy you should check your spelling inaccuracies! What "informations" would you would like checked?!

  • nancy on 2015-04-30 8:33:13 AM

    Hi NMH, Thanks for checking my spelling, that was very kind of you. I"m sorry I dont have time to do your work in checking the apporpriate research,as I'm too busy with Mortgages right now. Business is great! Have a good day. N

  • NMH on 2015-04-30 8:50:13 AM

    Nancy you must work for the big banks, such vitriol first thing in the morning LOL !

  • William Peters on 2015-04-30 9:48:22 AM

    As a financial consultant, fees can be mitigated if the the advisor you are working with is working in your best interest.
    Price only matters in the absence of value.

  • Margaret Shinners on 2015-04-30 9:53:37 AM

    I have been in the business since the mid 80's and I have seen a lot of changes. I find it hard to keep up because I am so busy with my business but I really appreciate the people who take the time to write these articles to keep us informed of all the changes. One change like this could help brokers 10 fold.

  • Sarah on 2015-04-30 10:33:41 AM

    We received the pamphlet from RBC letting us know that they would now be charging us to pay off our mortgage. Definitely looking for an alternative solution. Price always matters. Especially if you can get better value elsewhere!

  • Kevin R on 2015-04-30 11:04:39 AM

    This seems to be a step in the right direction to decreasing the household indebtedness of Canadians......not.. Well I guess biweekly payments is more financially beneficial than weekly payments & doubling up 1 monthly payment is more financially beneficial than biweekly. That makes sense now. Only the friggin Banks. NMH isnt it amazing how there is zero media drum beating how the Banks are gouging & bending over triple A borrowers with their predatory IRD calculations. Someone want to tell me the mechanics of how the 5 year posted rate is established & how many qualified Canadians actually ever get anything near that rate. Has anyone ever seen any lender discount 2.0% off of a 2 or 3 year term??? How in the world are the Banks losing money on lower freaking interest rates????

  • Bert on 2015-04-30 11:38:37 AM

    NMH - perhaps the kahunas you're looking for can be found on our new national broker association (CMBA) ? Banks are going to charge whatever fees that they choose to. As Mr Celuch wrote above - its up to us to show them alternatives. Frankly, RBC doesn't transact mortgages via brokers, so this really is our competition more or less weakening their own product offering??? Now if they would just raise their rates 70 or 80 bps.......

  • SL on 2015-04-30 12:28:19 PM

    Wow - and not at RBC, Wow at the sensationalist and incomplete information presented in the article.

    I quote "savings account holders who make a mortgage payment will have to pay between $2 and $5 on each occasion"

    I checked the RBC website and that fee applies to only 2 specific savings accts (both being somewhat focused to a specific purpose).
    RBC clients who make their mortgage payments from their chequing or daily interest savings accounts will not have to pay that fee. I would guess that a very small % of RBC clients make their mortgage payments from those 2 accounts.
    As far as the $1 charge on the young saver's accounts....minors are not even permitted to enter into a loan contract so this is basically a non-issue as well.
    And no, I do not work for RBC or any bank. In fact I am employed in direct competition with the banks.

  • Rick Robertson on 2015-04-30 12:41:41 PM

    Is this a shot across the bow of mono-lines?

    I wouldn't be surprised if those mortgage payment fees are waived if the mortgage is with RBC.

  • abby on 2015-04-30 1:15:04 PM

    I was charged $4/mo. by RBC just to have a savings account.

  • J.Michael McCutcheon on 2015-04-30 3:35:58 PM

    Don't knock The Royal for making some 'extra loonies'.

    Making profits is the job of all corporations where they are, legally, alowed.

    Just remember that this optical gouging is taking place with the approval of and during 'the watch' of Canada's current, Harper Government.

  • DPE on 2015-04-30 3:43:16 PM

    RBC is not charging you to pay your mortgage or loans. The fee changes are based on the different packages you may take for your day to day banking needs, and by the way, every bank changes their banking fees time to time. This is not unique to RBC. And this article is not telling the full story so do some research before you post. The author of the article needs to be better at it's own research and tell the whole story. And why day to day service fees have anything to do with mortgages, is beyond me.

  • Jesse D on 2015-05-01 8:39:50 AM

    This is crap! I bank with RBC, or should I say I did.
    Today...I close my RBC accounts.

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