If you live in the Eastern Caribbean you are familiar with the recent roll out of a $25 XCD (~$9 USD) fee for savings account at Royal Bank of Canada (RBC) Branches. Well, Caribbean people were having none of it and there was a wave of protests and a rush to close savings accounts at RBC Branches throughout the Eastern Caribbean Currency Union states, with people waiting in line for up more than 4 hours.
Sophia Harris of CBC National News recently spoke with me about why RBC’s Caribbean customers were so upset with the introduction of the new fees, to the point of protests.
Related Post: Caribbean Banks: When Raising Your Fees, You Can Do Better
I shared that:
- Customers were not adequately notified.
- Going from $0 to a $25 XCD fee was too steep of an increase.
- Royal Bank of Canada did not give enough consideration to customers when implementing the fees.
Sophia also shares the responses she received from Royal Bank of Canada.
You can read the full article here: Royal Bank sparks backlash with fee hike in the Caribbean
Were you one of the customers affected by the new fees? What do you think of the way Royal Bank of Canda rolled out the fee and the amount of notification given? Let me know in the comments below!