RBC Adding Transaction Fees

If you’ve visited the Royal Bank of Canada since the end of May you will be greeted with news of the introduction of fees on basic transactions. $3.00 seems to be the magic number for the transactions.

According to staff, the rates were put in place more than two years ago, however not implemented until now.

In-branch transactions on personal accounts (including transfers) = $3.00.  ATM withdrawals = $1.00.

Savings accounts  also attract an In-branch transaction (including transfers) fee of $3.00 but ONLY 1 FREE debit.

According to the banks rate sheet found online, “Business Deposit Accounts – Cash Handling Fee – Withdrawals 0.5% of amount + (OTC cash withdrawals ≥ $10,000) security costs (where applicable).” This will especially affect companies who must withdraw large amounts of cash as RBC will also no longer cash cheques of customers who do not have an account with them.

As of May 28, 2018 RBC will only cash cheques from the Government of Montserrat and pensions.

The bank has however, increased the daily cash withdrawal limit from 1500 to 2500. However, personal accounts will also have to pay a $1 withdrawal charge.

Visit http://www.rbcroyalbank.com/caribbean/ec/documents/RBC-Montserrat-Fees-Charges.pdf for the full list of fees or see your local banker.

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