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RBC T&T Increased Fees

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acesinghit
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Re: RBC T&T Increased Fees

Postby acesinghit » February 7th, 2017, 12:07 am

I approached FCB yesterday to open an account with them because I too fed up of RBC. I'm thinking support local and stuff hence my reasoning for FCB besides I highly doubt even though the govt does not own the group entirely that they will allow them to sink. So I had my two forms of ID and a utility bill but they want job letter and I have a couple forms to fill out etc... so now I have to go to HR tmr to apply for a job letter so they can project the kind of funds passing thru my account. All this drama to open a chupid savings account just for your salary to pass thru.

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Re: RBC T&T Increased Fees

Postby rawCpoppa » February 7th, 2017, 7:34 am

acesinghit wrote:I approached FCB yesterday to open an account with them because I too fed up of RBC. I'm thinking support local and stuff hence my reasoning for FCB besides I highly doubt even though the govt does not own the group entirely that they will allow them to sink. So I had my two forms of ID and a utility bill but they want job letter and I have a couple forms to fill out etc... so now I have to go to HR tmr to apply for a job letter so they can project the kind of funds passing thru my account. All this drama to open a chupid savings account just for your salary to pass thru.


They can alternatively use a recent payslip as opposed to the job letter.

I'm surprised so many people still with RBC. It's like y'all love the abuse.

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Re: RBC T&T Increased Fees

Postby Coppershot » February 7th, 2017, 7:56 am

https://www.guardian.co.tt/business/2017-02-07/rbc-royal-bank-announces-deposit-fees
Eight months after it caused an uproar over its decision to increase fees for its personal and business banking services, RBC Royal Bank announced yesterday that, effective March 27, it would be introducing a number of new fees and increasing some of its existing fees.

The Canadian-owned bank published a new personal banking schedule of fees and charges on its website. The new schedule includes an $8 deposit fee for what the bank describes as day-to-day banking, day-to-day savings, enhanced savings and student banking customers. The bank’s schedule does not make clear whether this new deposit fee includes ATM and salary deposits or if the fee pertains to only in-branch deposits.

Deposits by savers over 60 and those defined as young savers remain free, as do deposits made by VIP banking customers and those who enjoy RBC Royal’s no-limit banking.

Deposits in the bank’s high interest bearing eSavings accounts will now pay $14 to deposit.

According to the Central Bank’s comparative schedule of fees and charges as at June 30, 2016, RBC Royal Bank charged no fee on in-branch deposit transactions (teller) up to the middle of last year.

The bank also increased the monthly service charge on its day-to-day banking accounts to $25, which includes five free cheque transactions, but customers in this category will pay $3.50 per transaction thereafter. The Central Bank schedule indicated that the maintenance fee on savings accounts at RBC Royal Bank up to the middle of last year was $15 a month.

Young savers pay no monthly service charges for keeping their monies at RBC Royal Bank, while for those 60 and over there is no service charge if they maintain a balance of $15,000 or more.

RBC Royal Bank also increased from $7 to $8 the cost of in-branch withdrawals and other customer-generated debit transactions for many of its day-to-day customers. But this service remains free to its VIP customers, its 60 plus customers and its young savers.

Customers of the bank face a new cheque book distribution fee of $25 (if distributed by TTPost) and a fee of $30 if the bank holds their cheque books for more than 30 days.

The bank also alerted its customers that some of them will be required to pay a new fee of $4.50 a month for the processing of their account statements.

RBC Royal customers as well face a new international transaction charge of 0.25 per cent of the transaction amount on any foreign purchase made with their credit card. They are also likely to pay higher late payment and over-limit fees on their credit cards come March 27.

As a long term customer, i will be closing down my account and switching to another bank.
For reference 2016 rates, with old RBC fees
https://www.central-bank.org.tt/fees_and_charges

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Les Bain
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Re: RBC T&T Increased Fees

Postby Les Bain » February 7th, 2017, 8:00 am

I've stayed with them out of laziness as well as the fact is just for the salary to pass through.

Any recommendations which bank to switch to?

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hydroep
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Re: RBC T&T Increased Fees

Postby hydroep » February 7th, 2017, 8:12 am

You train people how to treat you. Year upon year, increase upon increase, people grumble but pony up and the bank gets away with it.

So why wouldn't they think they can raise fees again without any consequence?

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Re: RBC T&T Increased Fees

Postby ADONI » February 7th, 2017, 8:43 am

Les Bain wrote:I've stayed with them out of laziness as well as the fact is just for the salary to pass through.

Any recommendations which bank to switch to?


So did I dude. Main reason for me was my credit card. However, one of my co-worker says FCB can take over your credit card with 6 months no interest to pay off.

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Re: RBC T&T Increased Fees

Postby fokhan_96 » February 7th, 2017, 9:01 am

The only reason i created an account with them was the fact that you could have purchased $US via their online banking by transfer of funds directly from your $TT account to your $US account. Now that they stopped that sort of transaction i can't see a reason to stick with them.
Do any of the other banks support purchase of $US online ? I know RBTT doesn't.

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Re: RBC T&T Increased Fees

Postby originalbling » February 7th, 2017, 9:12 am

Is a fee for deposits standard international practice? still dont understand why they need to charge you for depositing $$

Which other banks have a robust online banking platform as well as a good credit card miles program?

Scotia seems ok but their miles program is the aero platinum which has higher fees.

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Re: RBC T&T Increased Fees

Postby Dizzy28 » February 7th, 2017, 9:22 am

originalbling wrote:Is a fee for deposits standard international practice? still dont understand why they need to charge you for depositing $$

Which other banks have a robust online banking platform as well as a good credit card miles program?

Scotia seems ok but their miles program is the aero platinum which has higher fees.


FCB's Online system pretty good (I use both that and Scotia). I also can transfer funds between my FCB and Scotia account at no cost.
I only have their VISA card which offers points and not miles however its $145 a year membership. I don't think Scotia has any credit card with such a low yearly fee.

The Savings account has no fees (so far, knocks on wood) with my only fees being the ATM fee (60c/transaction) and a standing order fee for my annuity.

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Re: RBC T&T Increased Fees

Postby urbandilema » February 7th, 2017, 9:34 am

Hmm just waiting for the year to done to close my account with them and give back their credit card..the reason is my car loan is with them. But then again seriously all these banks raising their stupid fees for digging out our eyes..best start back with matress savings

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Re: RBC T&T Increased Fees

Postby thelem-again » February 7th, 2017, 11:23 am

acesinghit wrote:I approached FCB yesterday to open an account with them because I too fed up of RBC. I'm thinking support local and stuff hence my reasoning for FCB besides I highly doubt even though the govt does not own the group entirely that they will allow them to sink. So I had my two forms of ID and a utility bill but they want job letter and I have a couple forms to fill out etc... so now I have to go to HR tmr to apply for a job letter so they can project the kind of funds passing thru my account. All this drama to open a chupid savings account just for your salary to pass thru.



This sheit!!

I opened an account with them 3 years ago and it was this same headache. Took me 2 different days at 2 different branches, just to open an account. I was unimpressed with their service and left the account dormant, which they eventually closed.

FCB just has too many red tapes. e.g. Online Banking. If not used consistently (monthly i believe) they close off your access, and you have to go in-branch to reapply.

I'm literally down to Scotia now. Don't like Republic (similar to FCB).

Suggestions??

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jhonnieblue
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Re: RBC T&T Increased Fees

Postby jhonnieblue » February 7th, 2017, 11:28 am

With Republic FCB and Scotia...FCB has the best online banking right now. Scotia is OK too
Never had any issues with FCB tho and most my business goes thru them now

acesinghit
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Re: RBC T&T Increased Fees

Postby acesinghit » February 7th, 2017, 12:08 pm

I'm on a real support local kind of drive now so I might be a bit biased in some areas. I know for banking, I'll stick to FCB as soon as I get my job letter from HR and yes I'll walk with some recent pay slips too to show them. Next thing banks might ask for a resume and a certificate of character to open an account lol. Them Canadian banks only making non Trinis richer so I would encourage locals to support FCB and RBL.

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Re: RBC T&T Increased Fees

Postby VexXx Dogg » February 7th, 2017, 4:23 pm

I'm not even with RBC and this triggers me.
Feck them and let them hush dey kent.

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j.o.e
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Re: RBC T&T Increased Fees

Postby j.o.e » February 7th, 2017, 5:07 pm

RBC muddacnt ..... closed off and moved to FCB about 6 months ago. Ridiculous charges and I was unlucky enough to have multiple errors on my account. Never me again , those Canadians can throw dey frame.

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Re: RBC T&T Increased Fees

Postby desifemlove » February 7th, 2017, 5:23 pm

i left RBC long time....i bank with FCB and JMMB. better customer service, better products overall. RBC is not at the HSBC, Bank of America, BNP Paribas level, but they should have the biggest scope and provide best services. but it's consumers' fault, big foreign firms does come down and have shitty services, and people don't stand up to it.

acesinghit
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Re: RBC T&T Increased Fees

Postby acesinghit » February 8th, 2017, 3:24 am

how is it at JMMB? I wonder if Trinis will warm up to a Jamaican bank. The Indian bank here look like it suffering or looks can be deceiving.

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Re: RE: Re: RBC T&T Increased Fees

Postby whizzard » February 8th, 2017, 6:52 am

thelem-again wrote:
acesinghit wrote:I approached FCB yesterday to open an account with them because I too fed up of RBC. I'm thinking support local and stuff hence my reasoning for FCB besides I highly doubt even though the govt does not own the group entirely that they will allow them to sink. So I had my two forms of ID and a utility bill but they want job letter and I have a couple forms to fill out etc... so now I have to go to HR tmr to apply for a job letter so they can project the kind of funds passing thru my account. All this drama to open a chupid savings account just for your salary to pass thru.



This sheit!!

I opened an account with them 3 years ago and it was this same headache. Took me 2 different days at 2 different branches, just to open an account. I was unimpressed with their service and left the account dormant, which they eventually closed.

FCB just has too many red tapes. e.g. Online Banking. If not used consistently (monthly i believe) they close off your access, and you have to go in-branch to reapply.

I'm literally down to Scotia now. Don't like Republic (similar to FCB).

Suggestions??

I had a similar experience. Checked online and called first to ensure I walked with everything required, and had to make an appointment. Had to wait 2 hours despite having the appointment, only to be told the person they booked my appointment with doesn't do those transactions. Finally was attended to, to then be told I needed something pretty minor additional and they were willing to accommodate. Left and never looked back. Used to have decent service at RBL, but RBC facilitated my car loan better (RBL insisted on buying from their list of users or had to make a 50% dp).

Not feeling Scotia so considering JMMB for a while heard few but decent reviews so far.

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Re: RBC T&T Increased Fees

Postby ADONI » February 8th, 2017, 8:53 am

I have heard from people FCB is better than the rest in terms of service charges, but the wait time to get something done is a killer... 2 hours and thing...

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Dizzy28
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Re: RBC T&T Increased Fees

Postby Dizzy28 » February 8th, 2017, 9:10 am

ADONI wrote:I have heard from people FCB is better than the rest in terms of service charges, but the wait time to get something done is a killer... 2 hours and thing...


You can request most of the FCB services online and just pick up in branch. e.g. Manager's check, letter for embassy, account statements etc. The only thing I have never done online yet is request forex.

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Re: RBC T&T Increased Fees

Postby ADONI » February 8th, 2017, 10:08 am

^^ Thanks. I see you can sign up online and they will call you within two days with further setup information and appointment.

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Re: RBC T&T Increased Fees

Postby desifemlove » February 8th, 2017, 10:13 am

acesinghit wrote:how is it at JMMB? I wonder if Trinis will warm up to a Jamaican bank. The Indian bank here look like it suffering or looks can be deceiving.

not so bad. only thing i don't like is seeing my name on the ATM when i type in my PIN. other than that, seem good enough.

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Re: RBC T&T Increased Fees

Postby Coppershot » February 8th, 2017, 11:17 am

I checking out JMMB and Scotia this week. I already have an account with RBL that i only use for the VTM Card.
RBC was my first account when i started to work, been through a lot of crap with them in past,the two nationwide blackouts of atm services, atm have no currency at branch atms during business hours and now increasing fees again.

originalbling
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Re: RBC T&T Increased Fees

Postby originalbling » February 8th, 2017, 11:27 am

^^ make sure to change to e-statements thru online banking or call/go into the branch and request it. The default is paper statements for which they will charge $4.50 when those new fees kick in.

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ADONI
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Re: RBC T&T Increased Fees

Postby ADONI » February 8th, 2017, 11:29 am

On RBC Netbank, there is the option to switch from paper mail statements to e-statements. So yuh go save the $4.50 for now per mail...

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Re: RBC T&T Increased Fees

Postby Country_Bookie » February 8th, 2017, 11:34 am

RBL's mobile banking app works ok. Very convenient, means I only need visit a branch 3-4 times a year max.

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Re: RBC T&T Increased Fees

Postby dude2014 » February 8th, 2017, 12:32 pm

When Royal bank of Canada bought back shares from locals, that was the time to leave they tail.
You can put up with the shte from other banks that are local.

Also hearing they planning to send home more workers, more reasons to leave dem and save froreign currency which is repatriated from profits.

Wah we say??????????????

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hydroep
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Re: RBC T&T Increased Fees

Postby hydroep » February 8th, 2017, 12:52 pm

Just noticed this. Add it tuh allyuh online shopping costs:

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Miktay
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Re: RBC T&T Increased Fees

Postby Miktay » February 8th, 2017, 1:36 pm

dude2014 wrote:When Royal bank of Canada bought back shares from locals, that was the time to leave they tail.
You can put up with the shte from other banks that are local.

Also hearing they planning to send home more workers, more reasons to leave dem and save froreign currency which is repatriated from profits.

Wah we say??????????????


Correct. The Cyandians are trying to make as many local RBC bank branches profitable. They dont understand that some branches operate at a loss.

But then RBC employees never joined the Banking union. And as such RBC workers now suffer the consequences.

Republic & FC bank understand the give an take of branch profitability.

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Miktay
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Re: RBC T&T Increased Fees

Postby Miktay » February 8th, 2017, 1:41 pm

Les Bain wrote:I've stayed with them out of laziness as well as the fact is just for the salary to pass through.

Any recommendations which bank to switch to?


Depends on where u live/work. And why u visit the branches.

Good and bad banking service is branch and employee specific. The branches which i frequent are not the closest to my location. But the extra time driving to out of the way branches is more than offset by the shorter wait time as well as well as a better experience working with bank employees who actually treat you like a human being.

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