- Why has the bank changed my statement?
- Why have all my accounts been placed on one statement?
- Why am I receiving multiple statements in one envelope?
- I received only one of my statements this month. I have two accounts and I normally get a statement for each account. Could the statement have gone missing?
- My husband and I each have a sole owner account and joint accounts. Why are we receiving joint account statements with each one of our sole owner accounts?
- My friend received a Consolidated statement. Why are my statements all separate?
- My husband and my mother are also listed as accountholders on my account. All three of our names used to appear on the old statement. Why don't all of our names appear on the new statement?
- Does this mean if an accountholder's name does not appear on the statement, they have less access or privileges on the account?
- How did you choose which names appear on the statement and which names are left off?
- Can I change the names appearing on the statement?
- For tax reporting purposes, will all of our names appear on the T5 tax form?
- Why am I no longer receiving my cheques?
- Can I still receive my cheques if I want to?
- I need to see the back of my cheques. What do I do?
- Will RBC be storing my original physical cheques and if so, for how long?
- Are cheque images valid proof in a court of law?
- I am using this account to run my business. Can I get my cheques back?
- I operate a sole proprietorship by using a personal account and I need to receive original cheques back with my statement. What can I do?
- How can I go back to receiving separate statements?
- The back of the old statement provided me with an area for account reconciliation. This area is no longer available with the new statement. Is there a separate form that I can use to help me reconcile my statement?
- I currently receive a braille embossed statement. How do the recent changes affect me?
- I normally order specialized cheques (i.e. embossed writing guides and large-print). Are these cheque formats still available?
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1. Why has the bank changed my statement?
We made these changes so that it would be easier for you to read and find the information that is important to you. Also, where possible, transaction descriptions have been clarified so you will no longer require the abbreviations dictionary provided on the back of the statement. We are also making better use of paper by printing on both sides.
2. Why have all my accounts been placed on one statement?
The new RBC Consolidated Statement summarizes all your accounts in one convenient location. This should make it easier to keep track of and review all your accounts and transactions while reducing the amount of paper you need to handle.
3. Why am I receiving multiple statements in one envelope?
Many of you have asked us to send your statements in one envelope to make it easier to keep track of all your accounts and help reduce mailbox clutter.
4. I received only one of my statements this month. I have two accounts and I normally get a statement for each account. Could the statement have gone missing?
Many of you have asked us to send your statements in one envelope to make it easier to keep track of all your accounts and help reduce mailbox clutter.
5. My husband and I each have a sole owner account and joint accounts. Why are we receiving joint account statements with each one of our sole owner accounts?
In an effort to reduce the number of envelopes you are receiving, RBC is mailing all statements in one envelope to the primary account holder of the accounts. Therefore, both you and your husband will each receive your joint account statement in the same envelope as your individual account statement.
6. My friend received a Consolidated statement. Why are my statements all separate?
All of your accounts must be selected as "Paper Statement", have the same owner, the same language preference and the same address in order to be consolidated.
7. My husband and my mother are also listed as accountholders on my account. All three of our names used to appear on the old statement. Why don't all of our names appear on the new statement?
As part of our efforts to simplify and standardize our communication and mailings with accountholders, only the primary and one of the alternate accountholder's names will appear on the printed statement.
8. Does this mean if an accountholder's name does not appear on the statement, they have less access or privileges on the account?
No. There is no change to the existing privileges or access rights to the account.
9. How did you choose which names appear on the statement and which names are left off?
When an account is first opened, we ask for the name of the primary account owner followed by all alternate owners. On the statement, we print the name of the primary account owner followed by one alternate owner based on the ascending order of the client number.
10. Can I change the names appearing on the statement?
It may be possible to change the names appearing on your statement. We will need to review the account ownership details. Please visit your local branch or call Royal Direct at 1 800 769-2511 for assistance.
11. For tax reporting purposes, will all of our names appear on the T5 tax form?
Our bank records will continue to show all the names of the joint accountholders, as well as their access or privileges on the account. If any of the account holders require proof of ownership, a list of the account owners may be produced upon request. All account owners will appear on the T5 tax form.
12. Why am I no longer receiving my cheques?
With the introduction of electronic imaging of cheques, RBC will no longer be returning original cancelled cheques to clients with their monthly statement effective March 2, 2006. This has become standard practice across the industry. It also prevents your signature from being exposed in your mailbox through original cheques.
13. Can I still receive my cheques if I want to?
Instead of original cancelled cheques, you have the option to receive cheque images. A cheque summary page (front of cheque only) will be sent to you every month with your statement. A $2.00 monthly fee may apply depending on the type of account package that you have with us. If you wish to receive cheque images, please visit your local branch or call 1-866-404-6844.
14. I need to see the back of my cheques. What do I do?
You can view both the front and back of your cheques by signing in to Online Banking. On your Account Details page your cheque number will be hyperlinked. Simply click on the link to view the front and back of your cheque Viewing your cheques online is free if you choose Electronic Statements as your statement option on your account. As well, you can retrieve images of the front and back of your cheque by contacting Royal Direct at 1 800 769-2511. The regular search fee will apply.
15. Will RBC be storing my original physical cheques and if so, for how long?
The original physical cheques will not be stored. However, we do store a copy of the front and back of the cheques in an electronic archive for up to seven years. A certified true copy of the cheque can be provided upon request.
16. Are cheque images valid proof in a court of law?
If for any reason, you require an original item, we can provide a certified true copy of the requested cheque. A certified true copy can be used in court and is, in fact, used today in court proceedings.
17. I am using this account to run my business. Can I get my cheques back?
Although we are no longer mailing original cancelled cheques, by selecting the Paper Statement with Cheque Images option you can receive a cheque summary page showing images of your cancelled cheques. To change your statement options, sign in to Online Banking, visit your local branch or call 1-866-404-6844.
If you still feel you need original cheques back, we do have other deposit product offerings specifically to suit the needs of businesses, including original cheques received in your statement. To find out more about these products, visit your branch or call 1-800 ROYAL® 2-0.
18. I operate a sole proprietorship by using a personal account and I need to receive original cheques back with my statement. What can I do?
RBC offers a variety of business accounts with statements and original cancelled cheques returned. Please visit your local branch to change your account to a business account and receive your monthly statements and original cheques.
19. How can I go back to receiving separate statements?
Please visit your local branch or call 1-866-404-6844.
20. The back of the old statement provided me with an area for account reconciliation. This area is no longer available with the new statement. Is there a separate form that I can use to help me reconcile my statement?
There is an online form available that you can download and print. The form has been designed to help you with your account reconciliation. The online form can be found at Statement Reconciliation Worksheet.
21. I currently receive a braille embossed statement. How do the recent changes affect me?
There are no changes to the Embossed Braille statement. You will continue to receive your Braille statement on a monthly basis at no cost. In addition, you will also receive separately the redesigned (non-braille) statement.
22. I normally order specialized cheques (i.e. embossed writing guides and large-print). Are these cheque formats still available?
We have made no changes to the types of cheques you can order. However, paper copies of the cheques will no longer be returned with your account statement. If you have selected to receive digital copies (a $2.00 monthly fee will apply for some accounts), we will return the images of your cheques with your regular (non-braille) account statement.
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