Royal Bank of Canada (RBC Bank) : Corporate Bully
$100,000 - MISTAKE (FISHERMEN'S LOAN)
I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment.
There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
http://www.pfraser.blogspot.com
http://www.corporatebully.ca
http://www.youtube.com/CORPORATEBULLY
http://www.p2pnet.net/story/17877
Help me fight the Royal Bank of Canada (RBC Bank) by closing your account.
"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"
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what a terrible story, i feel for you.
ReplyDeletethanks for coming by my blog, im not a fan of this bank either.
I hate when companies blame problems on the individual who managed the customer. As though somehow the bank is not responsible for the incompetency of its poorly trained, underpaid employees. Anyone sitting at an RBC desk, is RBC- they have entrusted them with filing contracts with the RBC name on them. A business is represented by its employees! Phone companies are also notorious for this.
All the banks seem to go to acronyms these days. Nasty business practices have soiled the word 'bank' for so long it was hurting the marketing. Although the word 'royal' is apt for any corporation that outright steals from the public, i imagine their marketing department wanted this word avoided as well. Look at BMO. They so desperately wanted to loose the word 'bank' they used an acronym that doesn't even make sense.
By now i've gone through so many banks, i hate them all. Unfortunately RBC holds my student loan- i am forced to be a 'customer' there for many years to come.
I would love to close my RBC account if i could afford it. maybe one day.
I'm sure you've been trying, but maybe an independent loan arranger could help you find a better lender.
Best of luck, i hope you find resolution.
Let the banks amalgamate, then nationalize them.
What happened that you lost everything?
ReplyDeleteThey didn't tell you about some payment conditions for a year, what did they do? Demand immediate repayment?
RBC Bank wanted me to pay monthly interest payments on a business loan but I signed a loan contract for yearly interest payments.
ReplyDeleteRBC Bank called in my loan and demanded repayment in full.
I agree with the previous comment. I feel for you. I do not have an account with the Royal Bank and try not deal with them. I was trying to think of some constructive suggestions for you to resolve this situation, but cannot think of anything. Have you tried going through the ombudsman? I do not know how effective this would be.
ReplyDeleteThe RBC Ombudsman is paid by RBC Bank so you know what the outcome will be.
ReplyDeleteThe OBSI are the last resort when you file a complaint against a chartered bank in Canada.
Unfortunately they are all paid by the banking establishment.
Heeey found your site :o)
ReplyDeleteI think no-one is above the law, including the RBC...getting more information and stories on them. The student loan exclusion is illegal under the Canadian Charters of Rights and freedoms, btw, and must be overturned. (I put up ideas on my last blog (FEASTOFDRAGONS.blogspot.com) for anyone wanting to join in for their rights...One of my sources informs me that the lead promulgator for the oppressive legislation pushed through into "law" was a certain bank we are both interested in... I don't have the substantive documentation yet...but wouldn't it be interesting if all the Canadians tormented by this were to find out the source of their troubles...this bank would take the shit-kicking it deserves :o) customers anyone?
I too hate RBC, I had a very similar situation as Remi. They hold my student loan and so hold me hostage. As I posted on my facebook, the notion that RBC "wants your business" (one of their slogans) seems about as legit as the Democratic Republic of North Korea actually being democratic.
ReplyDeleteBest of luck.
Buddy you have strong case, I hate RBC Royal Bank and generaly North American banks sk thats why i only bank with ING, and closed my chequing accounts due RBC making unauthorized direct debit PAD to some company which i didnt gave direct deposit PAD and they charged me NSF.
ReplyDeleteBut i want ask, whoever is loan officer is entiteled to give you loan agreement form and sure you chose rbc fisherman loan due to being interest free for some time, did you asked during normal routine conversation with banker? Did she gave you a agreement form showing term of interest free?
If you have still discloser agreement form like the one banks give you open chequing account stateing holds|releases you have 'very strong case' against RBC and take them to court sueing them how your life have been turned upside down by reckless rbc on behalf of consumers, i am sure there are lawyers ready to take this case (RBC might settle and pay damages done).
I think you should take them to court like a guy in Chicago, USA who took BMO Harris to court over 'fishy NSF fees' and won $9 Million on behalf of customers.
http://mobile.bloomberg.com/news/2011-12-21/bmo-harris-bank-agrees-to-pay-9-4-million-to-settle-overdraft-fee-lawsuit.html
I will be more than glad if you take them to court.
I am sorry to hear of what RBC has done to you. I am not a fan of RBC in any way, they and their attorneys mislead us to thinking they were going to work with us when my family fell behind on mortgage payments for my father's estate and they foreclosed behind our backs. We've talked to several attorneys and hope that we find one that is willing to take them on. Good luck to you!
ReplyDelete