Monday, December 20, 2010

RBC Bank

So I'm currently fighting with RBC Bank about an overdraft fee I was assessed on December 6th (actually 5 fees) even though my account never went in the red and I have no minimum balance to uphold. I called Costumer Service and asked why I had been charged this fee. The man on the phone seem just as perplexed as me and said "I see nothing here that indicates you over-drafted, you will have to contact your local branch in order for them to rectify the situation." Alright that seems fair and understandable, they made a mistake and while inconvinent it's nto too much to ask fro me to go into my branch and talk to a banker.

It took a couple of days for me to get into a branch due to my work hrs being the same hours of operation of the branch, but on Thursday 12/16 I left work early to go talk to a banker. I walked in and went up to the teller and explained my situation, she opened up my account statement and repeated the sentiment of the costumer service agent on the phone. She said she couldn't see anything that would indicate an overdraft and that I would have to speak with a banker for him to be able to do anything.

Ok, I'm still here, now I'm 2 for 2 with employees agreeing with me that it looks like a bank error and that it seems like my concern is valid. So I wait in the lobby to speak with the banker, as he is with another customer. It doesn't take very long and he calls me into his office, I explain my situation and he pulls up my statement...
This is my online statement and the same statement that the banker printed out at the bank.
.After looking over the statement he too declares that something seems strange and that it doesn't appear that I ever overdrafted (you can look at the statement and decide for yourself). So he says he needs to call customer service. After talking to the women on the phone he tells me that the issue is the deposit on 12/3 for $681.41 was held and not posted to my account till 12/7. However the above statement was the same as what appeared to me on 12/6 stating I had $713.65, more than enough to make a $152.32 payment. The banker in simple terms tells me that it's not a bank error and that because the funds were held that I did overdraft. And goes on to state theirs nothing that can be done because it's not their fault.

(note: both WaMu (now chase) and First National Bank of Pennsylvania credited me back when I accidentally over-drafted my account, and in both those it was my fault 100% yet both understood it was a mistake and a one time deal (these instances were separated by about 4 years) and credited my account back after a quick phone call)

Now I lose it,

I less then calmly explain I would like to close my account with them. The banker reacts with complete apathy that he is losing a costumer, which further infuriates me, because now not only are they effectively stealing $164 from me but they just don't care that I'm even banking with them. I have to quickly retreat from my threat to close my account as I realize my direct deposit is going to post that evening. I go on a rant and explain that if I did overdraft my account and their explanation is to be understood my account should look like this...
This is what my statement should look like if RBC's account of the events is true. This is my photo-shopped version to help you visualize their explanation.
see all the negatives like you see in any other over-drafted account. If the numbers are always positive then how can you go below 0? You can't it's such an elemental truth that even asking the question makes me feel stupid. So after all my flipping out the banker tells me that he will put in a research report on it and see what he can find, and that he will contact me first thing Monday with the information he finds out.

So it's Monday, I wanted for the bankers call which never came, so I called him around noon. He said he was in a conference and hadn't been able to talk to the bank manager yet. He would call me back when he had a chance. So about 2pm my phone rings and he tells me that she (the bank manager) was on vacation and hadn't been able to go over the issue yet. It will apparently be another couple of days.

I was going to wait to publish this until the issue was resolved but I want to post it now and update you all on the proceedings.

Needless to say I have moved my banking to another bank and will cease to do business with RBC ever in the future. They are obviously more concerned with ripping me off for $164 than with providing a customer service level that would entice me to continue my relationship with them.

In regard to this matter I would like to give a shout out to both Chase Bank (formally WaMu) and First National Bank of Pennsylvania, whom both have given me exceptional customer service and have been examples of how banks should operate.


Andy Steinmetz a.k.a. Steven Katz


  1. I've gone through this sort of bullshit with M & T Bank up in PA. Once I made about five transactions in a day and the last one (the only large transaction of the day) overdrew my account. Whoops. That was totally my fault and I was totally willing to pay the one overdraft fee. How surprised was I too see that they had reconfigured my transactions so the big one went first and all the smaller transactions went after to rack them up more overdraft fees. Assholes.

  2. Ha, in my entire post I didn't mention that they also pulled the same move on me, I went to foodlion right after work, came home bought the domain names and THEN AFTER all of that paid the credit card bill. and like you they flipped it so the big one came out before the others effectively over-drafting my account one transaction earlier so they could charge me an additional $24. Assholes!