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.

1 Comment

  1. Anonymous
    November 2, 2017 at 9:06 am

    This bank is very naughty I sent wire transfers and they don’t put the money in the account…

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