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Discussion Starter #1
  1. Do you know that you cannot make an anonymous complaint to RBC?
  2. Do you know that RBC is forcing clients to sign a new agreement by holding online paid (VIP) baking services, hostage - until signed.
  3. Do you think that the cost of online services would be withdrawn till the issue is resolved?
  4. Do you think that the changes should be outlined instead of having to read thru the entire 34 page agreement in legalese?
  5. Do you think the public should just roll over and blindly accept new edicts issued by banks in order to continue using their services? Is it better to use other banks that do not have a high and mighty attitude?
 

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No one 'forces' you to use a bank's services. If you don't like their terms, go elsewhere. Anything else you wanted to discuss now that this subject is covered?
 

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  1. Do you know that you cannot make an anonymous complaint to RBC?
  2. Do you know that RBC is forcing clients to sign a new agreement by holding online paid (VIP) baking services, hostage - until signed.
  3. Do you think that the cost of online services would be withdrawn till the issue is resolved?
  4. Do you think that the changes should be outlined instead of having to read thru the entire 34 page agreement in legalese?
  5. Do you think the public should just roll over and blindly accept new edicts issued by banks in order to continue using their services? Is it better to use other banks that do not have a high and mighty attitude?
1. Don't care
2. If you want to pay a company for a service, you should have a mutually agreed service contract. It is a good idea not to provide services without a contract.
3. What issue?
4. Why? Are you suggesting that you wouldn't read the contract ?
5. I think that if the terms of service are contrary to the legislated requirements for mandated banking services, there would be an issue. If it is additional features, it's up to the client and service organization to negotiate.
 

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Discussion Starter #4
No one 'forces' you to use a bank's services. If you don't like their terms, go elsewhere. Anything else you wanted to discuss now that this subject is covered?
Difficult to move on after 50 years but I agree - moving in that direction.
 

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So what? If you do not like RBC's policies you can choose from a wide variety of other bank and near bank financial institutions. We moved away from the bank that we dealt with for 30 plus years. Our only regret is that we should have done if a few years earlier. Difficult? Not really, just like shopping for any other product or service.

Besides, we go into our local bank branch twice a year at the most. It is all on line.

I actually have no issue with the not considering 'anonymous' complaints.
 

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My RBC story ....

In 2017 my identical twin brother and I got a 10 thousand dollar loan and we got life insurance on the loan. When my twin died, I tried to collect on the policy. I was told that the insurance expired when my brother and I turned 70. RBC sold me the insurance for the 5 year loan when I was 69.
Why would they sell me a policy which would not apply after one year which covered a 5 year loan?
 

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My RBC story ....

In 2017 my identical twin brother and I got a 10 thousand dollar loan and we got life insurance on the loan. When my twin died, I tried to collect on the policy. I was told that the insurance expired when my brother and I turned 70. RBC sold me the insurance for the 5 year loan when I was 69.
Why would they sell me a policy which would not apply after one year which covered a 5 year loan?
Banking ombudsman or small claims court.
Why would you stick with them after that?
 

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My RBC story ....

In 2017 my identical twin brother and I got a 10 thousand dollar loan and we got life insurance on the loan. When my twin died, I tried to collect on the policy. I was told that the insurance expired when my brother and I turned 70. RBC sold me the insurance for the 5 year loan when I was 69.
Why would they sell me a policy which would not apply after one year which covered a 5 year loan?
Obviously, you did not read the policy. I do think they should have pointed that out given you were 69 at the time but in the end, it is your responsibility to know what you are agreeing to before buying insurance of any kind.

Hopefully, a lesson learned. ALWAYS read the fine print and know what you are agreeing to.
 

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Discussion Starter #9
My RBC story ....

In 2017 my identical twin brother and I got a 10 thousand dollar loan and we got life insurance on the loan. When my twin died, I tried to collect on the policy. I was told that the insurance expired when my brother and I turned 70. RBC sold me the insurance for the 5 year loan when I was 69.
Why would they sell me a policy which would not apply after one year which covered a 5 year loan?
According to BLOOMBERG, RBC posted a profit of 12.9 Billion at the end of 2019. Need I say more!
 

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Obviously, you did not read the policy. I do think they should have pointed that out given you were 69 at the time but in the end, it is your responsibility to know what you are agreeing to before buying insurance of any kind.

Hopefully, a lesson learned. ALWAYS read the fine print and know what you are agreeing to.
... however the insurance was not sold in good faith by the "banking rep".

You should at least request your premiums back when the policy got "expired when you turned 70" or go to small claims court if the banking ombudsman turns deaf & blind to your complaint.
 

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Hopefully, a lesson learned. ALWAYS read the fine print and know what you are agreeing to.
4. Do you think that the changes should be outlined instead of having to read thru the entire 34 page agreement in legalese?

I think they started the thread by saying they didn't learn the lesson.
 

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Beautiful. I love profitable Canadian companies.
Imagine an American saying that about Apple or Amazon.
...yep, greed will never go out of style for some people unlike morals.

As for the Americans, 90% have gone practicing Gordon Gecko's beliefs ... not going with the herd now, right?
 

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...yep, greed will never go out of style for some people unlike morals.

As for the Americans, 90% have gone practicing Gordon Gecko's beliefs ... not going with the herd now, right?
What Greed?

They're providing such a valuable service to customers that they're rewarding RBC with over a billion dollars a month in profits!

Sounds like everyone is being quite generous.
 

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4. Do you think that the changes should be outlined instead of having to read thru the entire 34 page agreement in legalese?

I think they started the thread by saying they didn't learn the lesson.
Changes? What changes? Calm said nothing about any changes being made to the insurance policy. Are you suggesting they previously did not limit the coverage to age 70?

In any case, yes, I expect anyone who buys insurance of any kind to read the policy in FULL before buying it. I never have any sympathy for someone who says, 'I thought I was insured for something and now they tell me I was not.' INVARIABLY, they never were to begin with but simply didn't realize it because they did not READ their policy.

It is simply not possible for someone selling you insurance to tell you in person every single thing you are and are not covered for. Do get even close to doing that, they would have to READ the entire policy to you and ask after each sentence, 'do you understand'. Think about it.

When you buy a car do you expect the salesperson to tell you, 'oh and by the way, if you do not maintain the oil level, you will seize the engine and that is not covered by the warranty.'? Or when you are pregnant, decide to travel and buy medical coverage, do you expect the online coverage you buy to somehow tell you, 'oh and by the way, if you give birth while on your travels, we cover you for that but we do NOT cover any care for the child. YOU are who the policy covers, not an unborn child for whom no policy has been bought.' That in fact is a fairly common travel medical insurance surprise some people get as an example.

There is simply no way other than to READ your policy that anyone should EXPECT to know what is covered or not covered. The RESPONSIBILITY as always rests on the buyer.
 

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Less about greed to me. More about having strong Canadian companies that employ tens of thousands in Canada. 2 of my best friends lost jobs this year before covid. One was purchased by an American firm and his job was replaced by someone (who he is now training) from South Carolina. The other worked for a global company who decreased their Canadian footprint.

nothing morally wrong with making money and providing jobs in my view. we can debate the merits of Canadian banking (and their greed), but I’d rather focus on Canadian companies in general.

i think a debate of why we hate banks and cell phone companies vs. Why we don’t hate on other large successful companies would be worthwhile (and fun). Is it because we believe some services are a right and basic necessity?
 

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What is wrong with posting a healthy profits? No shame in that. Bank stocks have always been good to us.

Perhaps the real problem is apathetic and lazy Canadian banking customers who seem to accept retail bank changes and terms like a baby accepts pablum. We have never put banks on an pedestal and we have always negotiated with them on rates and terms. Sure, the first response by them is always a no with some push back and feigned indignation. Get past that and you would be surprised how flexible some bank decision makers can be.

I mean really, when you go into a new car showroom do you believe everything that the salesperson tells you and do tend to verify it independently? The counter person/salesperson at the bank is no different. Most likely part of their compensation is quota bases-commission or bonus. Certainly their job performance review is. Understand how someone is paid and you will understand their behavior.

A month ago the bank called and asked me to put some money into their internet saving account. They told me the rate was something like 2 percent. So, I asked the next question...how long do I get that 2 percent. The answer was for three months, then it want back to near zero. Sometimes you simply have to ask some additional questions. Trust but verify.
 
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