In need of credit? Forget about going with RBC Royal Bank. Read my story

I have a $10 000 credit line at RBC and the interest rate used to be 7.52%. But that all change a couple of months ago when I received a letter from RBC Royal Bank saying that my interest rate was going to be increased of 3%, from 7.52% to 10.52%. I never missed a payment on my RBC credit line, I have a very good credit score, I never missed a credit payment as far I am concern. A couple of months ago or even now, the prime rate hasn’t change. So what had changed?

The way RBC Royal Bank does business has changed. Unfortunately, among the process, they might have taught I was someone to mess with but unfortunately for them, they had knocked at the wrong door. That happens when I was in New Brunswick. I went to my local RBC branch and was told by the manager, a poor guy, that the cost of borrowing had increased, so the bank had no other chosen than to increase interest rate on their products. He also told me that other banks were going to follow soon.

I wasn’t exactly impressed by RBC for doing that to me. The manager of the branch was a f idiot, but the representative I was dealing with had made efforts to decrease the interest rate a bit for me, but I wasn’t able to get better than a 9.30%. I told him it was ridiculous, that the prime rate hasn’t change, that I never missed a payment what so ever, and I told them that if I wasn’t getting my old interest rate back, that I will sell my mutual funds and transferred everything to someplace and that I will never used RBC products, banking accounts etc ever again. I told him that they were going to lose all of my business.

Time passed by and nothing else had been done to facilitate my life. RBC decided to keep their f 9.30% right there and RBC decided to lose a customer.

Right on.

I was waiting for the TSX to perform better before selling my RBC mutual funds, but I may act now, whenever I am in the vibe to say a big F U to the RBC Royal Bank.

My investment portfolio is performing very well and those investments I have in different RBC mutual funds never performed as well as my portfolio. On top of that, RBC is charging very big management fees and it simply doesn’t worth it for me anymore to have money invested at that bank. I just cannot wait to have the money transferred over TD Waterhouse and have some new investments made in my very own RSP account.

RBC Royal Bank should have known better.

Now, they are losing business over my RBC mutual funds fee, but on top of that, they are losing business over interest fees on my RBC credit line. Because believe it or not, I have decided to pay off that RBC credit line. Why? Its not because of the pressure made by RBC by increasing their interest rate on MY credit line. No no. No one have control over me. I have decided to pay off my RBC credit line because I have extra money and I am running out of investment ideas. So instead of just throwing the money away in stuff I have no real interest in, I have decided to pay off the credit line.

On my RBC Royal Bank credit line, I currently have left $4 485.66 that need to be paid off. I plan to have it clear off by the end of the summer and I also plan to have the mutual funds sell and transferred by the end of the summer.

Its going to be a fun summer right? RBC Royal Bank bunch of little F@ckers shouldn’t have messed up with me. I am finally going to get rid of those mutual funds after all.

Anyone facing the problem, interest being increased on a product for no reason, no change in prime rate, no payment skipped, should do exactly the same thing: sell off, paid off and closed the f account and let the F@ckers know how you are.