RBC Rant

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So I have been an RBC client/customer for probably 25 years.  I have had mortgages, loans, LOC over this time span.  Out of the blue, i get a letter delivered by courier stating that RBC is terminating my banking relationship.  Well at first i thought maybe this was some kind of a scam but after finally contacting client care, the lady confirms that it is a legitimate document.  My next question is the reason as it doesn't state that anywhere in the document.  She says she has no more information than what the document mentions.  So i asked to speak with someone higher up and i will not take this without an answer.  So i am awaiting a call that will be within the next 2-3 business days.   
I can't believe with the billions in profit that they make that they randomly decide they don't need clients.   

Wow! That is pretty shameful of RBC. So what do they do with your present account funds, transfer them, or send you a check?

Just curious: did you or were you trying to recycle cash with them? The reason I ask is that about 8 years ago I had gone to my TD branch to take out a brick (1000) Fives and was told the manager wanted to see me. So I went into his office & he asked me what was up with the big withdrawal. I told him about my hobby & he told me that they were not in the business of doing that & that I'd have to write him a letter explaining my hobby if I wanted the brick (the last I'd get from that branch).

I was pretty angry (been banking with them 40+ years at least) but wrote the letter anyway. They set me up with 1000 circulated notes worthy of BoC incinerator (a not-so-subtle snub message). I was pretty PO'd & started a rant here on CPMF.  Another CPMF member called me to tell me that "at least you didn't get "red-flagged." He explained that they can "red flag" me and freeze my account if they had wished to do so. That's why I'm curious. I've tried setting up other accounts with RBC, CIBC & BMO. I only have the TD & BMO accounts now b/c of constant problems with the other 2. 

Please keep us posted.

Wow! That is pretty shameful of RBC. So what do they do with your present account funds, transfer them, or send you a check?

Just curious: did you or were you trying to recycle cash with them? The reason I ask is that about 8 years ago I had gone to my TD branch to take out a brick (1000) Fives and was told the manager wanted to see me. So I went into his office & he asked me what was up with the big withdrawal. I told him about my hobby & he told me that they were not in the business of doing that & that I'd have to write him a letter explaining my hobby if I wanted the brick (the last I'd get from that branch).

I was pretty angry (been banking with them 40+ years at least) but wrote the letter anyway. They set me up with 1000 circulated notes worthy of BoC incinerator (a not-so-subtle snub message). I was pretty PO'd & started a rant here on CPMF.  Another CPMF member called me to tell me that "at least you didn't get "red-flagged." He explained that they can "red flag" me and freeze my account if they had wished to do so. That's why I'm curious. I've tried setting up other accounts with RBC, CIBC & BMO. I only have the TD & BMO accounts now b/c of constant problems with the other 2. 

Please keep us posted.

Yep, thats what we figured happened.  I use that account to flip money every day!!  Alot of the tellers knew what i was doing and were happy to help me out.  I explained to them what i was looking for in the banknotes and coin!  and they were eager to learn about it.  I even have a couple of the tellers helping me out watching for banknotes and now i will lose that unless i can talk them to switching some cash without having account.  I have almost logged in 2 million dollars so i guess that would be a red flag!!!

So I have been an RBC client/customer for probably 25 years.  I have had mortgages, loans, LOC over this time span.  Out of the blue, i get a letter delivered by courier stating that RBC is terminating my banking relationship.  Well at first i thought maybe this was some kind of a scam but after finally contacting client care, the lady confirms that it is a legitimate document.  My next question is the reason as it doesn't state that anywhere in the document.  She says she has no more information than what the document mentions.  So i asked to speak with someone higher up and i will not take this without an answer.  So i am awaiting a call that will be within the next 2-3 business days.   
I can't believe with the billions in profit that they make that they randomly decide they don't need clients.

Have you ever transferred money from RBC to a bank account in another country? Has this other country had a dodgy political climate like Pakistan? Have you used ab RBC credit card to pay for dinner in a restaurant while you were sitting two tables away from a known terrorist's second cousin's hairdresser? My guess is that something was mistakenly flagged as suspicious on your account and you got caught up in an RBC sweep. Banks can get into serious trouble if they have been found not diligent enough in stopping proceeds-of-crime and terrorist financing though their accounts. Sorry to hear this happened. I'm sure another bank will be happy to have your business.

I’m leaning that the currency recycling of large cash in and out, caused your account to be flagged by some kind of electronic surveillance.  And upon further scrutiny, the risk department, along with the compliance department most likely decided based on their review, that it wasn’t worth the risk having you as a banking a client.  That’s unfortunate.

No matter how you explain this hobby and what you were doing, they won’t get it.  Hope it goes well, but be prepared for the worse.

I used to recycle cash by bringing in some older money in hopes of getting newer banknotes many years ago.  I gave up that hobby in July 2012 due to loss of interest plus my busy agenda with regards to my job, especially when there was less frequency of new money by that point, and there were no new $10 bills in that particular Scotiabank branch that full year (and the teller remarked it was a first for that branch).

I agree, recycling cash was fun for a while, but if you do it often enough, it could get frowned upon by a manager and could lead to disastrous results.

Now that I think about it, could it be possible that the RBC cut ties with the OP because of his practice of repeatedly exchanging money (large volumes of it, at that) and giving the staff a hard time?  Maybe the tellers were annoyed by such practice and they felt that this was the last straw.

This is just speculation on my part.  Maybe the OP could clarify on the reason for his dismissal from RBC?

If you want to do business with another bank, I recommend Scotiabank or TD.  I've dealt with Scotiabank since 2002, and although I no longer have time to deal with human tellers due to my job plus busy agenda, I have no problem going to the newer select-cash ATMs to get large bills (it sucks that they don't have $10 bills, but for what it's worth its demand is so low now on a nationwide level, and I don't know if its demand is now in terminal decline).

It seems to be possible that banks are now discouraging "pleasure banking" - which, to me, means the practice of going to the bank without a serious purpose.  Banks are there for serious transactions only.  Someone could be going to the bank in pursuit of new banknotes, while at the same time they are cashing a paycheque or withdrawing payroll.  If you're going to do banking at a branch, you have to take what the teller has.  You can specify denominations, but specifying quality is a no-no in this day and age.  If you're not happy with what you receive, take your business elsewhere, or take it to a trusted coin dealer or store that sells collectibles. Or, even better, spend it.

I've got a feeling that banks may have changed their policies in the last year or two, and in this day and age, banks are probably cracking down on the practice of changing/recycling banknotes without a serious purpose.  If you want to recycle banknotes, deposit them.  If you want to withdraw funds, take what you're given.  If you have all those banknotes in your possession that you feel you want to exchange for something else, the best idea? Go to a trusted coin dealer or collectibles shop.  Or, even better, spend them - that's what money is there for.

Banks are there for a reason, and they're not there to cater to collectors (especially the die-hards) who want money just for quality, specific serial numbers, etc.  If you don't like what you get, go to a restaurant or store, treat yourself to a meal or something special, and pay with the money you intended to trade away.  Simple as that.

I bet if I had continued changing banknotes for better quality ones beyond July 2012, I'd probably be finished with Scotiabank by now.  My advice: If you want to get the quality of bills you want, go to a trusted coin dealer or collectibles shop.  eBay is a good site to acquire the banknotes you want, and there are a few fresh, recently issued banknotes for sale there.

That's my two cents.

And one other thing: I hope the OP gets a response from the higher-ups at RBC soon.  But I have a feeling that the higher-ups will likely act as if they say "we don't have to give you a reason for everything" - in other words, they may have zero interest in contacting you.  If you don't get a call by Friday, chances are they are not going to call you.  They got bigger fish to fry, and as much as I hate to say this, but they truly don't have to give an explanation in regards to the OP's query.  I know RBC was closed nationwide on Monday due to the holiday, so it may not have been three full business days yet.