Case Studies

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The Dispute

Case study:
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From the Client's Perspective

Michelle claimed four withdrawals from her Retirement Income Fund (RIF) account contravened her wishes. The withdrawals meant little was left for Michelle to live on, and she wanted RBC to return the funds. As a matter of principle, Michelle would not ask her children, the beneficiaries, to return the proceeds. Michelle was upset by what she considered unfulfilled personal service promises made by RBC. Her recently deceased spouse had managed their financial affairs, and she now relied extensively on her financial advisors. Michelle declined a goodwill gesture offered by RBC to settle the matter, and appealed to the Ombudsman.

From RBC's perspective

Michelle told RBC she wanted to send the proceeds of her RIF account to her children before she passed on. They processed four withdrawals from the account and directed the proceeds as requested.

RBC was very empathetic of Michelle's personal circumstances and willingly spent much time with her sorting through her financial affairs. RBC's gesture was offered to acknowledge any possible contribution on its part to gaps in her expectations for personal service.

The Outcome

The RBC Ombudsman's investigation found transaction records that included Michelle's written authorization for each withdrawal. Accordingly, there was no basis for a recommendation that RBC return the funds to Michelle. The gesture offered by RBC was very reasonable in the circumstances. Still not accepting the decision, Michelle appealed to the Canadian Banking Ombudsman (CBO), who also supported RBC's position. At the CBO's request, RBC confirmed its original gesture was still available to Michelle, and she accepted the offer.

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