#PSA #BankingNightmare #RBCFail
Hey friends, so I recently went through a bit of a nightmare with RBC that I want to share with you all. Long story short, my money got transferred to the wrong account due to a human error on RBC’s part 🤦♂️. Here’s a quick rundown of what happened:
– I reached out to RBC and waited for 7 days with no resolution 😤
– Started to panic and thought it was fraud, but it was just RBC’s mess
– Took matters into my own hands and filed a complaint with the Ombudsman for Banking in Canada ✍️
– Found out there’s a backlog of issues at RBC, and I have to wait another 2 weeks to get my money back 💸
– PSA: Don’t wait to lodge a complaint if your bank messes up! Here’s the process: [link to complaint process]
On the lookout for a new bank now that I can actually trust. Any recommendations? 🏦
In the meantime, what would you do in this situation besides filing a complaint? Any other tips or tricks to speed up the process? Let’s chat! 😊
Sorry to hear! They’re all the same. Pick one of the remaining 4 based on incentives.
David.McKay at RBC.com
The best bank is almost always your local credit union, unless you’re a big enough client to just have a guy.
And even then…my employer has been an RBC client for decades, and just the other day, my guy brushed me off to the tech support line and they couldn’t even find my account.
It was a massive migration so it’s understandable if mistakes were made. Good idea to contact the ombudsman and start the recovery process. Banks are heavily regulated by the government and just cant keep your money . They have to account for every dollar. It will be sorted. Sorry you got caught in the migration issues.
That is terrifying. It is literally your bank’s job to make sure money doesn’t go where you don’t tell it to go. I can’t think of a way that a customer would be able to prevent this. Fraud or incompetence, this is still an unauthorized transaction and the idea of having to wait for weeks to get your money returned is unacceptable. This is especially true if you need to use the money in the meantime for any reason.
The same thing happened to me at TD a few years back. It took them FOREVER to fix it and return my money and they tried to blame me (even though their CSA made the transfer). The CSA entered the wrong branch number, but with the same account number as mine. Once I got my money back, I quickly switched banks.
I hope it works out for you!
RBC is terrible, if you ever have to meet one of their managers at a branch, be careful, they talk down to you in a friendly way and try to screw you over
Credit union all the way, or online bank. I’m 39 years old and have done all my banking through Tangerine and my local credit union for nearly two decades now. been paid tons in interest promotions. The big 5 haven’t gotten a cent of my business in years.
All have issues but I have had good experience with having multiple accounts. Like Tangerine, Simplii, Wealthsimple (for higher interest when others don’t have a good promo on). You can link accounts together or send free EMTs to transfer money. Good having a backup in case any account gets locked or compromised for any reason.
Credit Unions for the win
You dont always have to file a complaint. The fact that you know about the Ombudsman is usually enough for them to be serious about fixing it.
Source: wife works at RBC and when a client says the word “ombudsman” the usually kick it up a notch and try harder to fix problems
Move to a credit union
I had an RRSP get lost in the move that took several weeks to get sorted. Hopefully yours will be solved soon too.
I’m pretty cheesed off with the HSBC – > RBC migration, despite their claims I keep uncovering differences. The latest one being that my GBP account is not very useful anymore as I cannot deposit GBP cheques into it. And the functionality back to UK HSBC accounts is not as good either. On positive note the RBC app is much better than HSBC.
It’s a very easy check to see where it was transferred to. This is concerning, I worked at a bank and it would happen (rarely) but fixed almost instantly when it was within same bank accounts.
I’ve been with Scotia since starting my career. We’ve had our share of issues with Scotia and the branch, but the key for us has been establishing excellent relationships with the in-branch staff.
I think that’s likely true for all of the big 5(6) banks. Show your face, meet with your advisor regularly, even if you don’t need advice. Just check in and build the relationships. Need cash? Need to make a deposit? Skip the machine and line up for a teller.
This has been the key to the excellent service we have received over the years, even when a rare mistake is made. I’m sure this approach will work at the other banks. It’s always better to be more than an account number.
Had issue with bns long time ago. A cheque I had written bounced. I knew I had money in account. Turned out they had moved money out of my account into someone else’s. The reason they gave me was spelling of my name was similar to someone else’s account…and that person had phoned in to branch to do the transfer ( this was in the 80’s). Needless to say I changed banks.
How much money was tied up?
Debating RBC for Private Banking and while I’ve spoken to them on a number of occasions, they’re taking longer and longer to get back to me. In the meantime I keep hearing all these stories.
Don’t keep all your eggs in one basket..
I use Tangerine mainly, and five other banks.
Canada banking in a nutshell…
EQ Bank unless you need a physical location
TD fucked up my signed mortgage documents TWICE. Second time I made them come to my house to sign them, and they still put a hold on my HELOC due to “missing signature”.
All the banks are shit.
The same people work everywhere, so there’s no difference. I had a teller offering me $10 for a $20 bill that had a part missing. Their ATM ripped that part off. They said it’s $10 per serial number on a $20 bill.
I just went to a different bank and they just exchanged it no questions asked.
Hearing a lotta bad shit about RBC this week.
Just curious… was this a face-to-face with bank teller process or was it an online web banking transfer?
That sucks… with respect to recommendation for another bank, that depends on what your favourite colour is.
Do t let banks fool you, they can always get the money back. They just try to pass it off to the consumer.