1. Why are you increasing some of your fees?
The banking industry in Canada is competitive, and we work hard at keeping our costs down as much as possible. However, the cost of doing business continues to rise, and we have to price our products and services to reflect this.
In 2007, we didn’t increase any of our fees on standard personal and business products and services, including Visa, deposit accounts and financing products. This year we’re lowering some fees and raising some others.
Our fees are in line with those offered by most other Canadian banks, and we believe we continue to deliver excellent value. It’s possible that you might be able to save on fees by choosing a different account, or by taking advantage of our MultiProduct Rebate. Call us at 1 800 769-2511, or visit your branch — we’ll be happy to help you find a solution that will suit your needs better.
2. Why are you increasing the monthly fee for my RBC Signature No Limit account from $12 to $13.95?
This account was significantly enhanced last year with no change to the monthly fee and is being made even better this year with the addition of two cross border debits. The savings and value of this package are quite substantial when you use the features in this package — they amount to over $400 in savings per year. For example, the 65-transaction monthly cap was removed, turning it into an unlimited transaction account. And you now receive a rebate for three RBC service fees at non-RBC ATMs per month, a $35 annual rebate towards any RBC Visa card of your choice and travel-related benefits previously only available with premium packages.
3. Why are you raising your Visa* interest rates?
As of May 1, 2008, we’ll be aligning interest rates across our entire product suite, instead of having 21 different types of cards with varying rates. Most --17 out of 21 – will have a single interest rate, at 19.5 per cent. Cards with unchanged rates include our platinum Cathay Pacific and British Airways cards, at 20.5 per cent. Our basic low rate option card now has a slightly higher rate of 11.9 per cent. This is the first increase to be made on this card since 2005. We invite you to compare these rates with those of other credit cards on the market.
*Registered trademark of Visa International Service Association. Used under licence.
4. What’s the Secured Royal Credit Line administration fee?
It’s a new administration fee that will be charged when clients close their Secured Royal Credit Lines and we prepare the documentation to discharge (release) the mortgage that has been used as the collateral to secure the Royal Credit Line.
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