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Voluntary Codes and Public Commitments


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;
  • monthly statement; and
  • 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.


07/02/2013 10:23:42