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%.
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.