Memorandum of Understanding on Low-Cost Bank Accounts
RBC Royal Bank commits to provide a low-cost bank account
that meets the following guidelines:
- 8-15 debit transactions (including Internet and telephone
banking) per month, at least two of which can be done in-branch;
- maximum monthly fee of $4 – the fee will be commensurate
with the number of in-branch and overall debit transactions
(i.e., an account with a low number of in-branch and overall
transactions must have an accordingly low monthly fee);
- charges for extra debit transactions above the monthly
limit will be reasonable and not out of line with charges
for extra debits on other fixed fee accounts at the bank;
- no charge for deposits;
- debit card included;
- client choice of free bankbook record keeping or periodic
- cheque-writing privileges.
Standard fees apply over and above the monthly fee of the
low-cost account for all other related services including
the use of non-RBC automated banking machines, optional overdraft
interest protection (subject to prior bank approval), return
of paid items/cheques with statements, certified cheques,
statement updates, interim statements, overdraft item handling,
return of unpaid items (including NSF items), inactive account
notices, stop payment orders, foreign currency cheques, etc.
Fees for these related services are subject to change at
any time with notice to clients as required by the Bank Act.
All individuals meeting the conditions of the Access to
Basic Banking Service Regulations will be eligible for our
low-cost account. However access to cheques may be subject
to the bank’s usual eligibility criteria.