Customers close RBC Royal Bank accounts

Customers close RBC Royal Bank accounts

Customers have been closing accounts at RBC Royal Bank ahead of new fees to be introduced on Monday.

The reaction follow a trend in other countries in the region.

By one estimate, dozens of personal accounts have been closed here since the bank announced its new fees.

Customers have reacted angrily to news that holders of Personal Savings and Personal Banking accounts will be required to pay a monthly fee of twenty-five dollars.

RBC here has said that the new fees will not affect senior citizens over the age of sixty and savers under the age of seventeen.

One woman who stood in a long line at the bank on Friday, told the Times that she could not afford to have the institution deduct the monthly charges.

A married couple in the same line was also there to close a joint savings account, citing the same reason.

The Eastern Caribbean Central Bank (ECCB) in a statement last month, had expressed concern about the increase in commercial banks’ fees and charges across the Eastern Caribbean Currency Union (ECCU).

The ECCB had also expressed concern about the effects on depositors.

However, the institution said that it has no authority to regulate the banks.

An RBC official here has said that the bank is aware that changing fees is normally a sensitive matter for clients.

But the official said that the bank tries its best to keep those costs down.

Related Articles


  1. guava jelly
    June 19, 2016 at 8:46 am Reply

    These excessive bank charges are beginning to cause problems.. I am glad that customers are starting to protest. The practice of arbitrarily imposing these bank charges must be stopped . they always start with a small charge and then keep adding another and then another. Look now even the bank of St.Lucia is adopting the practice ( as of May 2016), they have just instituted the practice of charging a $2.00 fee for cashing cheques, this is exactly how the ROYAL BANK started their Scam. Naturally if this goes ahead without proteset another will be instituted and then another. and then another…………….


  2. Anonymous
    June 19, 2016 at 8:46 am Reply


    1. Anonymous
      June 19, 2016 at 1:25 pm Reply


  3. Reporter
    June 19, 2016 at 9:01 am Reply

    The Credit Union is the place to go people!

  4. Anonymous
    June 19, 2016 at 11:14 am Reply

    Credit Union everyday and 1st National Bank/Co-operative Bank yes the Penny Bank everyday!!!!!!!!!!!!!!!!!

  5. 666
    June 19, 2016 at 1:04 pm Reply


  6. Ridiculous
    June 19, 2016 at 2:20 pm Reply

    Oh no…penny bank/first national bank also deduct $2 service charge monthly. The only safe place right now is your credit union. These banks start small then add more and more charges .

  7. Anonymous
    June 19, 2016 at 5:01 pm Reply

    Let the bank of Canada park and leave go in their country and put these fee on them as well what is good for the goose it good for the gander.

    1. Anonymous
      June 19, 2016 at 8:40 pm Reply

      All Canadian banks have service fees. Something we’re used to.

  8. Anonymous
    June 19, 2016 at 5:24 pm Reply

    Credit Unions all the way ….

  9. Anonymous
    June 19, 2016 at 6:39 pm Reply

    National farmers and general cooperative credit union

  10. Ti
    June 19, 2016 at 8:56 pm Reply

    Eccb regulates banks!!! What you should have said is that Eccb does not regulate bank charges as it is a consumer affairs matter.

  11. Anonymous
    June 20, 2016 at 8:17 am Reply

    Credit union is the place to go

  12. hmm
    June 20, 2016 at 9:11 am Reply

    Bank of St. Lucia to put your salary, Credit Union for loans.
    Scotia: Endless charges.
    First National: Charges
    Bank of St. Lucia: no charges.

  13. Anonymous
    June 20, 2016 at 12:04 pm Reply

    Frankly, all Banks worldwide seem to have this unspoken authority to increase bank fees at their leisure. Why does the ECCB not have the authority to stop or even discourage a rate increase if they know how impactful the result would be? These are foreign banks so why should we accept this if they choose to operate on our shores? Why don’t they make this authority conditional on issuing a license to set up shop in the OECS? Why does the ECCB (East Caribbean Central Bank) have no say in this matter? Aren’t they responsible for regulating the commercial banks? Go figure!

  14. Hmmmmmmmm
    June 20, 2016 at 5:08 pm Reply

    Don’t the credit unions have bank accounts like the rest of us to facilitate their operations. If so isn’t this just a cycle? cause if commercial banks increase fees won’t it just filter down eventually? This banking system is the problem. It has lost it’s core purpose and is driven by expanding bottom lines and greed. Other banks will follow suit eventually and maybe not even outrightly let the clients know but include it in the fine print! Smh

  15. BJB
    June 20, 2016 at 5:44 pm Reply

    The issue is not charging fees — all businesses have to earn a respectable return, and banks in the Caribbean have had a very difficult time in the last 5 or 6 years. The issue is value for money. If you feel the service and products are not worth the fees, then bank somewhere else. If you feel you are getting good value, stay and bring more business. It’s that simple

  16. Anonymous
    June 20, 2016 at 9:28 pm Reply

    westcoast credit union is the place

Leave a Reply