Overview
Q: What happened? What caused the error?
A: It was an administrative oversight where, in some instances, existing clients upgraded their stand-alone accounts to a banking package. In some cases, the clients' profiles were not updated to reflect the new banking option. This resulted in some clients paying a separate fee to access Telephone and Online Banking - a fee that should have been eliminated when they switched into a banking package. In a small number of cases, clients were also charged separately for transactions such as PLUS** System, Interac* and Statement Updates.
Q: What did RBC do to fix the problem?
A: We have identified affected accounts, contacted these clients and refunded fees overcharged. We have a separate process for those who did not receive an automatic refund and require a manual review of their RBC Royal Bank account.
Refund Details
Q: How was the interest portion of the refund determined?
A: We used the average RBC monthly prime rate on a historical basis. As current interest rates are historically lower, we wanted to ensure that clients who may have been affected for longer periods benefited from higher rates that were available at the time.
Q: Does this apply to every banking package you offer or only to certain packages?
A: Clients who opted into the following banking packages may be eligible for a refund: Royal Certified Service (RCS), Royal VIP Service, RateLink Preference and RateLink Essential.
Receiving a Refund
Q: How will the refunds be paid?
A: We are sending letters to clients starting the week of December 13, 2004. Existing clients will have reimbursements directly deposited to their account. Those who have closed their accounts will receive a cheque in the mail with their letter.
Q: Who is eligible for a refund?
A: Clients who use Telephone and Online Banking and who switched into a banking package after January 1997 potentially qualify for a refund. In a small number of cases, clients who were charged separately for transactions such as Interac*, PLUS** System and Statement Updates may also qualify for a refund.
Q: How do I know if I qualify for a refund?
A: If you qualify for a refund, you will receive a letter before December 31, 2004 with your service fee refund. If your RBC Royal Bank account is currently open, your refund will be deposited directly into your account. If your account is closed, a cheque for the refund amount will accompany your letter. The majority of affected accounts will be automatically refunded.
In a small number of cases, however, RBC will undertake a manual review at your request. You may qualify for a refund, or a further refund, if you were enrolled in the Royal V.I.P. Service® or Royal Certified Service (RCS) banking package and:
- Ceased to be a client of RBC Royal Bank before October 1, 2000, or
- Were enrolled in one of the above packages prior to July 1999
Click to download the Refund Request Form.
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