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With several of RBC's banking packages, clients receive a discount on their annual Safe Deposit Box rental fee. After reviewing our billing records for Safe Deposit Boxes, we discovered that some clients were not receiving the discounts they were eligible for through their banking package; in some other cases, clients were receiving a higher discount than they were eligible for, or they were receiving a discount when they were not eligible for one.
This happened because discounts for Safe Deposit Box fees were applied manually and in the majority of cases the process had been especially complicated when there were multiple banking packages and boxes connected to multiple owners. Also, changes made by clients to their Safe Deposit Boxes or banking packages were not automatically tracked to ensure all available discounts were used. For example, a client who had one or more Safe Deposit Boxes and selected a banking package at a later date may not have received the available discounts.
We have done our best to identify those Safe Deposit Boxes that did not receive the discounts available based on the corresponding banking package and believe we have identified most of them. These clients will receive a cheque for the difference plus taxes and interest.
We have initiated a claims process for clients or former clients who believe they are affected and have not received a cheque or who believe they should receive a different amount. This claims process is primarily designed to reach individuals who closed their box or changed/closed an eligible banking package prior to 2002 when details are not in electronic format and readily accessible, or where current contact information is not on file.
We will not be recovering amounts from clients who have received ineligible discounts.
What is RBC doing to fix this situation?
To ensure that this situation does not happen again we have simplified the administration of Safe Deposit Box discounts. Our systems will assign the appropriate discount once you select an eligible banking package and your choice has been recorded.
We have also reinforced our policies and procedures to ensure that you have the information you need to make informed choices about your banking needs.
The chart below lists the discounts that were in effect during the applicable period for payment adjustments.
| RBC BANKING PACKAGE |
SAFE DEPOSIT BOX
RENTAL DISCOUNT
(as at January 1, 2006) |
| Royal Certified Service (RCS) |
Annual discount of $12 |
| Royal V.I.P Service® |
** Annual discount of $35 |
| RateLink Essential® |
Annual discount of $30 |
| RateLink Preference® |
Annual discount of $40 |
| Private Banking |
Fees are waived |
Sixty-Plus ®*
(no longer offered) |
Annual discount of $5 |
® Registered trademark of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
* This discount only applies to safe deposit boxes opened on or before December 15, 2000.
** Effective July 1, 2006 the annual rental discount for Royal V.I.P. service is $40.
How do I know if I am affected by this situation?
We have done our best to identify those Safe Deposit Boxes that did not receive the available discounts. Starting September 18, if you have been identified for a discount adjustment, you will receive a letter and an adjustment cheque along with personalized detailed calculations for the rental of your Safe Deposit Box.
However, if you have not received a payment adjustment from RBC and you believe you may be eligible for an adjustment, or if you have received a cheque and believe you are eligible for a different amount, you can download a Discount Adjustment Claims form and mail it to us at the address provided. We will investigate whether an adjustment applies.
We apologize for the inconvenience this situation may have caused and we appreciate your patience.
For more information, please refer to our Frequently Asked Questions. To speak with us directly, please visit your local branch or call us at 1 800 769-2511.
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