Customers had stopped RBC Canada from similar fee increases a year ago

Monday, May 23, 2016 - 00:00

As RBC Royal Bank announced it will be increasing its fees, an article circulating on social media shows that the bank attempted to do the same thing in Canada last year, but was forced to backtrack as customers complained. 

The article was published by Global News on May 22nd, 2015, one year ago.

The articles stated that the Royal Bank of Canada was backing off some changes to account fees it planned to implement, saying the bank had “listened closely to client feedback” and decided against the move.

The fee hikes were coming at a time when experts said banks were facing “headwinds”, or mounting pressure, on booming areas of their businesses, such as mortgage lending. 

The bank had planned to start charging some customers as much as $5 (Canadian currency) for making a mortgage or loan payment.

It was to start on June 1st, 2015.

The local branch of RBC says it will be introducing a $15 rate on savings accounts effective May 31st.

In addition, customers will be charged $3 more to withdraw and conduct debit transactions under their savings account, which will now be $7 per debit entry.

Customers will also incur higher charges for standing orders, withdrawals at ATMs,international point of sale usage and transfer of funds among other.