Monday, November 23, 2009

Due to "High Cost of Borrowing" RBC Is Raising Interest Rates

I received a letter today from Royal Bank informing me that due to "market conditions" and because "cost of borrowing have persisted high", they are raising my interest rates from prime to prime + 1.00%.

The fine print at the bottom says thast if I use the credit line, I am accepting the new rates!

Since when "costs of borrowing" has gone up?? Is this bank in serious trouble? It is the same bank that last week offered me 19.5% rate on my VISA card!

What this bank does to its clients is appalling.

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1 comment:

Anonymous said...

I used to have an account with RBC too. Even when I took out all of my money and only left like $5 with them, they still mailed me to tell me that I'm eligible for some Platinum card or whatever. I think they've stopped mailing me or I forgot to update my address with them.

These banks treat us like their ATM, not the other way around.

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