Terms You Need to Know

These terms are used with particular meanings throughout Part A. of this booklet. Please pay careful attention to them.

  1. You or your means each person who has agreed to the terms and conditions governing the Account, as set out in this Booklet, and provided a specimen signature.
  2. We, us, or our means the Royal Bank of Canada (RBC® or the Bank) if an Account is with the Bank, Royal Trust Corporation of Canada or, in Quebec, The Royal Trust Company (Royal Trust) if the Account is opened with Royal Trust and Royal Bank Mortgage Corporation (RBMC) if an Account is opened with RBMC.
  3. Account means any personal deposit account in your name with us.
  4. Assisted Debit Transaction means a debit transaction made with the assistance of an RBC representative or agent and includes debit transactions made in person at an RBC Royal Bank branch, debit transactions made with the assistance of a Telephone Banking representative in Telephone Banking and cheques drawn against your Account.
  5. ATM means automated teller (bank) machine.
  6. Debit Transaction means a withdrawal of funds from an Account, such as a cash withdrawal, bill payment or fund transfer, and includes an Assisted Debit Transaction and an Electronic Self-Serve Debit Transaction.
  7. Electronic/Self-Serve Debit Transaction means a Debit Transaction made without the assistance of an RBC representative, including Debit Transactions made at RBC ATMs, Online Banking and Mobile Banking Debit Transactions, Telephone Banking Debit Transactions through the automated system (without the assistance from a Telephone Banking representative), Debit Transactions made at non-RBC ATMs, Debit Transactions resulting from Point of Sale transactions (in person or online) and pre-authorized payments.
  8. Excess Debit Transaction Fee is the fee we charge if you exceed the number of free of charge Debit Transactions included in the Monthly Fee of your Account.
  9. Mobile Banking app means a program that you can download onto a mobile or wireless device in order to access Mobile Banking.
  10. Monthly Cycle means the monthly period we assign to your Account. It is based on the first two letters of your last name, or the last name of the Primary Owner if the Account is a joint account.
  11. Monthly Fee means the basic fee we charge for the operation of your Account based on the Monthly Cycle.
  12. Online Banking means our online banking service and includes Mobile Banking.
  13. Overdraft Interest is the interest rate we apply to an overdraft balance if we allow you to overdraw your Account balance.
  14. Overdraft Protection is an optional service available with most of our Accounts that allows you to overdraw your Account balance for a monthly fee. This fee may be waived or included in the Monthly Fee for some Account.
  15. Primary Owner means the person we consider to be the main owner of the Account, if this is a joint account.
  16. Telephone Banking means our banking services that you access via the telephone.