If you’re looking to close an RBC account, this post will teach you how to do it and what to expect.
The post will start off by telling you what you need to do exactly, the applicable fees and some of the steps to take before you close your RBC account or any other bank account in Canada.
Let’s start…
How To Close Your RBC Account
You have 3 options to close your RBC bank account:
- Visit one of their branches
- Call their phone number at 1 800-769-2511; or
- Use the secure email service through your internet banking profile
The account will be closed within 5 days of submitting a request. And the account information removed from your internet banking profile within 30 days.
Once the account has been closed, you can transfer your remaining funds to your new bank account or withdraw it over the counter if you’re closing the account at your local branch.
RBC Royal Bank customer service is open 24 hours a day all through the week. And the service is available in both English and French. There’s also a Teletypewriter service through 1-800-661-1275 for those that are deaf or hard of hearing.
Things to do before closing your RBC account
To ensure a smooth account closing process and no missed payments or deposits, here are the things you should do first before closing your RBC account.
1. Shop Around for another bank
Depending on the reason why you’re closing your account, this will usually be the first point of call.
Of course, it may not be relevant if you have multiple bank accounts and simply closing your RBC account to consolidate your banking or keep things simple.
If it is, then you should look at other banks’ account offerings: their features, fees and so on. In many instances, you’ll find several banks including online banks and credit unions that meet your banking needs.
Compare their features and choose the one that best meets your needs.
Are you a newcomer to Canada? Check here for the best bank accounts for newcomers.
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2. Update your payment and deposit information
Next, you should update all your payment information.
Have direct deposits that go into the account or pre-authorized debits for some of your bills? Remember to change them to your new bank account.
Doing this will ensure you don’t miss any payments and be on the hook for NSF fees.
Here are some of the common direct deposits and pre-authorized debits you should check and update:
- Pay cheques
- Bills payments (phone, utilities, credit cards etc)
- Government payments (tax refunds, GST/HST refund, Child Benefits and so on)
You should scan through your bank statements for the past few months to check for the usual payments and deposits for the account.
Also take care of any cheques you’ve written out from the account. Where necessary, you can retrieve them and replace them with the cheque from your new bank account.
3. Transfer Your Money from RBC
Usually, you’ll have two options: transfer your funds out of the account yourself or wait for RBC to do the transfer after the account is closed.
The first option is usually easier and faster, but make sure you move the money on the first day of the month if the account pays interest. That way, you won’t have any accrued interest to deal with later.
You may also download the bank statements for the account if you think you may need them in the future.
RBC Account Closing Fees
The applicable fees for closing your RBC bank account depends on how long you’ve held the account and if you want your balance transferred to another financial institution.
Here are the relevant fees:
- Account closed within 15 days of opening: Free
- Closed within 16 – 90 days of opening: $15
- Account closed after 90 days: Free
Another relevant fee is that of account dormancy. The fee charged depends on how long your account has been dormant:
- 2-year notice of dormant account: $20
- 5-year notice of dormant account: $20
- 9 year inactive account notice: $40
After 10 years, your fund is deemed to be an “unclaimed balance” and will be transferred to Bank of Canada.
In summary, you can avoid the account closing fees if you close the account within 15 days of opening it, or wait till after 90 days.
Can I Keep my Credit Card if I close my RBC Chequing Account?
You can keep your MasterCard or VisaCard branded credit cards even if you decide to close your chequing account. This is because credit cards are usually a separate product that can be used independently of the banks’ other offerings.
So if you like the current rewards or points you get from your RBC Credit card, you can keep it and only close the deposit accounts.
How to Cancel an RBC Credit Card Online
You also have 3 different ways of cancelling your RBC credit card:
- Over the phone
- Online through the secure email feature of your internet banking
- In writing
If you choose to cancel the RBC credit card using the online option, RBC will call you to finalize the process and usually close the account within 5 days.
Can you close your RBC account online?
You can close your RBC account online under a few situations. These include:
- The account has zero balance
- You’re transferring its balance to another RBC account; or
- The account isn’t one of a few special accounts like Joint, Estate, Staff, V.I.P., Alliance or Ratelink
If you meet any of the criteria above, then you can close your RBC account over the phone or through the secure email on internet banking.
How To Close RBC Direct Investing
To close your RBC Direct Investing account, you can use the secure email in your investing account or call their customer support over the phone at 1-844-207-5158. Cantonese and Mandarin speakers can also call using 1-844-221-0728 or 888-571-1056.
If the account is funded, you’ll need to transfer it to another financial institution. Note that there’s a fee of $135 to close your account and transfer it out of RBC Direct Investing.
Still have more questions about closing an RBC bank account?
Get in touch with their customer support at 1 800-769-2511. They’ll be able to provide any clarifications you need and guide you through the process.
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