f you’re seeking to shut an RBC account, this publish will train you easy methods to do it and what to anticipate.
The publish will begin off by telling you what it is advisable do precisely, the relevant charges and a few of the steps to take earlier than you shut your RBC account or another checking account in Canada.
Let’s begin…
How To Shut Your RBC Account
You may have 3 choices to shut your RBC checking account:
- Go to certainly one of their branches
- Name their cellphone quantity at 1 800-769-2511; or
- Use the safe e mail service by way of your web banking profile
The account will likely be closed inside 5 days of submitting a request. And the account data eliminated out of your web banking profile inside 30 days.
As soon as the account has been closed, you may switch your remaining funds to your new checking account or withdraw it over-the-counter in the event you’re closing the account at your native department.
RBC Royal Financial institution customer support is open 24 hours a day all by way of the week. And the service is out there in each English and French. There’s additionally a Teletypewriter service by way of 1-800-661-1275 for these which can be deaf or onerous of listening to.
Issues to do earlier than closing your RBC account
To make sure a easy account closing course of and no missed funds or deposits, listed here are the issues it is best to do first earlier than closing your RBC account.
1. Store Round for an additional financial institution
Relying on the explanation why you’re closing your account, this can normally be the primary level of name.
In fact, it will not be related when you’ve got a number of financial institution accounts and easily closing your RBC account to consolidate your banking or maintain issues easy.
Whether it is, then it is best to take a look at different banks’ account choices: their options, charges and so forth. In lots of situations, you’ll discover a number of banks together with on-line banks and credit score unions that meet your banking wants.
Evaluate their options and select the one which greatest meets your wants.
2. Replace your cost and deposit data
Subsequent, it is best to replace all of your cost data.
Have direct deposits that go into the account or pre-authorized debits for a few of your payments? Bear in mind to alter them to your new checking account.
Doing this can make sure you don’t miss any funds and be on the hook for NSF charges.
Listed here are a few of the widespread direct deposits and pre-authorized debits it is best to verify and replace:
- Pay cheques
- Payments funds (cellphone, utilities, bank cards and so on)
- Authorities funds (tax refunds, GST/HST refund, Little one Advantages and so forth)
It’s best to scan by way of your financial institution statements for the previous few months to verify for the same old funds and deposits for the account.
Additionally handle any cheques you’ve written out from the account. The place obligatory, you may retrieve them and change them with the cheque out of your new checking account.
3. Switch Your Cash from RBC
Normally, you’ll have two choices: switch your funds out of the account your self or watch for RBC to do the switch after the account is closed.
The primary choice is normally simpler and sooner, however ensure you transfer the cash on the primary day of the month if the account pays curiosity. That manner, you gained’t have any accrued curiosity to take care of later.
You might also obtain the financial institution statements for the account in the event you suppose you could want them sooner or later.
RBC Account Closing Charges
The relevant charges for closing your RBC checking account is determined by how lengthy you’ve held the account and in order for you your stability transferred to a different monetary establishment.
Listed here are the related charges:
- Account closed inside 15 days of opening: Free
- Closed inside 16 – 90 days of opening: $15
- Account closed after 90 days: Free
One other related charge is that of account dormancy. The charge charged is determined by how lengthy your account has been dormant:
- 2-year discover of dormant account: $20
- 5-year discover of dormant account: $20
- 9 yr inactive account discover: $40
After 10 years, your fund is deemed to be an “unclaimed stability” and will likely be transferred to Financial institution of Canada.
In abstract, you may keep away from the account closing charges in the event you shut the account inside 15 days of opening it, or wait until after 90 days.
Can I Preserve my Credit score Card if I shut my RBC Chequing Account?
You possibly can maintain your MasterCard or VisaCard branded bank cards even in the event you determine to shut your chequing account. It’s because bank cards are normally a separate product that can be utilized independently of the banks’ different choices.
So in the event you like the present rewards or factors you get out of your RBC Bank card, you may maintain it and solely shut the deposit accounts.
The right way to Cancel an RBC Credit score Card On-line
You even have 3 other ways of cancelling your RBC bank card:
- Over the cellphone
- On-line by way of the safe e mail function of your web banking
- In writing
For those who select to cancel the RBC bank card utilizing the net choice, RBC will name you to finalize the method and normally shut the account inside 5 days.
Are you able to shut your RBC account on-line?
You possibly can shut your RBC account on-line beneath a couple of conditions. These embrace:
- The account has zero stability
- You’re transferring its stability to a different RBC account; or
- The account isn’t one of some particular accounts like Joint, Property, Employees, V.I.P., Alliance or Ratelink
For those who meet any of the standards above, then you may shut your RBC account over the cellphone or by way of the safe e mail on web banking.
How To Shut RBC Direct Investing
To shut your RBC Direct Investing account, you need to use the safe e mail in your investing account or name their buyer assist over the cellphone at 1-844-207-5158. Cantonese and Mandarin audio system can even name utilizing 1-844-221-0728 or 888-571-1056.
If the account is funded, you’ll must switch it to a different monetary establishment. Notice that there’s a charge of $135 to shut your account and switch it out of RBC Direct Investing.
Nonetheless have extra questions on closing an RBC checking account?
Get in contact with their buyer assist at 1 800-769-2511. They’ll be capable to present any clarifications you want and information you thru the method.
