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Wednesday, August 22, 2012

Don't let financial institutions like the RBC Royal Bank have control over you

In my life, I always have the last word. When I am not happy I scream (!!), and when an investment doesn't meet my standards I sell. And that's what I had done with my RBC Royal Bank mutual funds: I sell them all. RBC Royal Bank probably think they have the right to increase my interest rate on my credit line of 3% for no reason at all, that doesn't satisfied me and I reply with a punch in the face: I sell my RBC mutual funds and I completely paid off my credit line.

Some says other bank are going to follow soon, going under the same bastard way, increasing  rate for no reason at all. I don't think TD will do the same thing. RBC Royal Bank always been a very fresh and arrogant institution. TD always been the people bank, opening early in the morning (8 AM!!!) and on some days of the week, closing late. Some branches are even open on Saturday. TD had the common sense to watch the middle class and say ok, those people are working from 9 to 5!

RBC Royal Bank started recently services in some branch on Saturday... But they only copied the TD way of doing business. So I think we have to be sensible and responsible enough to make the right choice when it come time to select a bank and a sexy broker.

Banks shouldn't have control over individuals. If Canadians would be smart enough, they will happily flush the RBC Royal Bank like I did. IF you go under the knife - if RBC Royal Bank increased the interest rate on your credit product for no reason, just go ahead and flush the little bunch of F@ckers. RBC will learn the hard way. At a net worth of more than 83k, I am not a customer that is at risk. But RBC wasn't smart enough to figure it out.

Go figure.

And my portfolio just keep increasing. My non-registered portfolio is now $123 919.

RBC Royal Bank can go F@uck itself. 


Christine said...

Same thing happened to me with my CIBC LOC. They raised it for no reason. When I called the head office, even their credit specialists were wondering why. They said my credit is great and I always pay on time. Then they told me it was my branch that did it and I'd have to visit them for an explanation. Well I'm sorry but why do I need to visit them and beg them to reduce my interest rate when I feel what they've done borderlines illegal! So I switched to PC Financial. I agree, it is wrong for banks to control you. Everyone should close their accounts and move to another institution if this happens to them!

Anonymous said...

TD raises 3-year mortgage rate to match RBC

There you have it, TD is not any different than Royal Bank after all. Royal bank is Canada's largest bank and therefore usually the first to raise prices. Other banks usually follows. The banks are raising rates because bonds yields have been rising.

It has nothing to do with the Maple deal or any other absurd reason that you can imagine. Banks are in business to make money and if rates goes up, they will raise their interest rates. Get used to it as there's only one place for rates to go in the future and that's up.

So will you be flushing TD also....

You are an hilarious basket case.

Sean said...

Is there anything else on your mind besides RBC? I ditched TD a few years ago for not being competitive. I ended up getting the lowest mortgage rate I've ever seen through RBC.

Sunny said...

Hi Christine,

If everyone would have the same reaction as you and me, the bank wouldn't increase interest rate over no reason, they would be more conscious. But people being soo weak, the vast majority don't do nothing while facing an increase of their interest. Its not something we have to accept. Let's fight and FLUSH.


Anonymous said...

Sunny, when you ditch RBC, someone else is ditching TD to go to RBC and the wheel keep turning. I have nothing against unhappy customers leaving their banks as many does, but all that does is banks getting other bank's unhappy customers. The banks aren't hurting. But leaving because one banks raise their rates and the other follows is like not buying gas from the first gas company that raises the prices. When prices raises, someone has to be the first to raise them; and usually, it will be the bigger company to do it first. And of course, TD being the second largest bank followed.

Christine, did you know that CIBC owns Presidents choice Financial.

Christine said...

CIBC and Loblaws have a joint venture in PC Financial and PC Financial does have different pricing for CIBC products. The agreements between PC Financial and CIBC creates competitive products that have so far been more reliable than CIBC offers through their own company. However if PC Financial were to charge for their chequing account and increase my interest rate I would look again for a better service. Its usually the big banks that do this though. These banks are assuming you are too lazy to switch and obviously do not care about loyalty. So I do not care to show loyalty myself nor stick around while they charge me more. You can save some real money by switching to a bank with a better deal. Just do your research and make sure the bank isn't known to offer promotional rates that they raise soon after you join.

Anonymous said...

IF you go under the knife - if RBC Royal Bank increased the interest rate on your credit product for no reason, just go ahead and flush the little bunch of F@ckers. RBC will learn the hard way.

>> I guess it is other way around. RBC is smarter than you at least. Any way you are waking up only after some experience, others were crying for years if not decades.

Sunny said...

Thanks for sharing Christine.

As for the Anonymous, this is not a waking up call, its the result of an unfair treatment I had receiving from RBC. I am not crying, I am fighting.

Anonymous said...

Unfortunately you don't have much to fight with, because you had minimum holdings at RBC. You don't have 300k mortgage, bank account earnings fees, etc...

If I'm going to take risk with a customer, I better be making lots of money from that customer. Obviously, RBC wasn't making enough money from you for the risk it was taking.

Sunny said...

RBC wasn't taking any risk with a 10k credit line, come on! I never miss a payment and I had been a customer for a couple of years now. Bad common sense is what made lose RBC a couple hundreds on my back.

I wasn't satisfy with RBC for my personal stuff so I sell and paid off.

Anonymous said...

I'm not sure why they increased your interest rate. I love RBC becasue they offered me 0% interest rate for one year. After one year the rate will be 19.99%.

Ruth said...

Sunny, how do they get off with 19% , my cleaning lady said they raised her car loan to over 10% , do they not sign a contract for loans anymore. Many years ago when my husband and i bought a car,,the loan was usually for 3 years and stayed the i out of touch.


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