Banking

RBC Account: How To Close it 2023

In today’s digital age, banking with traditional banks could be out of touch with technological advancement. Let’s explore how to close an RBC Account.

Gone are the days when paying banking fees is inevitable and maintaining a minimum balance is mandatory for keeping your account in good standing.

With online-only banks, we can now access better banking solutions without worrying about monthly fees or minimum balances. In addition to this, online banks offer optimal convenience and competitive interest than traditional banks.

So if you’re looking to close your RBC account, you have every reason to do so. 

In this article, I provide a step-by-step guide on how to close an RBC account in Canada. I also discuss some alternative digital banks to consider when closing your RBC account. 

Photo credit: RBC

Things You Should Do Before Closing Your RBC Bank Account

You can just wake up to close your bank account without completing some times. This is to ensure a smooth closure of your account and help you avoid any potential problem in the long run. 

So before closing your account, you should consider:

Opening a New Bank Account

First, open a new account with another bank or financial institution before closing your RBC account. 

This will ensure that you have a place to transfer your money and help you keep your automated debits and direct payments active.  

Switching All Recurring Payments

Once you have opened a new account, you will need to switch all of your recurring payments, such as bills and subscriptions, to the new account. 

Switching to the new bank ensures that these payments will continue to be made on time and that you won’t miss any payments due to the closure of your RBC account.

Here are some tips for switching your recurring payments:

  • Make a list of all the bills and subscriptions that you currently have set up on your account.
  • Contact each company and update your payment information with your new account details.
  • Verify that all changes have been implemented and payments will be made from your new account.
  • Keep a record of the changes that you have made which include the company and dates of transactions.

Transferring Money to Your New Account

Now that you have switched all of your recurring payments, you can transfer the remaining balance from your account.

Here are some tips for transferring money to your new account:

  • Contact RBC to initiate the transfer of the remaining balance from your RBC account to your new account.
  • Confirm that the transfer has been completed and that the money has been credited to your new account.
  • Keep a record of the transfer, including the date and the amount transferred.

It’s important to follow the above steps before closing the RBC account to ensure a smooth transition of your finances. Ensure that all the funds are transferred and necessary fees are paid to avoid any further issues.

READ ALSO: RBC Mortgage Promotions 

How to Close Your RBC Account

There are 3 methods available to close an RBC bank account. These include visiting a local branch, contacting customer service via telephone, or submitting a request through online banking. 

Each method has its own set of requirements and processing times. Let’s find out

Visiting a Local Branch

Visiting a local RBC branch is the way to go If you like the personal touch. 

First, contact an RBC representative to book an appointment if necessary. Then gather all your documents such as a government-issued ID, and debit/credit cards linked to your account.

An RBC representative will ask for, and document your reason for the closure. Upon completion of the necessary paperwork and withdrawal of remaining funds, your account will be officially closed and you’ll be issued a confirmation of closure.

Contacting Customer Service

If you don’t want to leave the comfort of your home and still, you can call customer service by phone at 1-800-769-2511 and request account closure. 

Don’t forget to have your account information and reason for account closure ready, plus your identification information. 

They will verify any remaining funds and/or debit/credit cards associated with your account before closure. You’ll receive a confirmation of closure via mail once all paperwork has been completed.

Online 

If you are digitally savvy,  you can submit a request to close your account through the secure email service on the RBC online banking platforms.

The following is the step-by-step process on how to close your RBC account online:

  • Log into your RBC online banking account
  • Go to settings and click on the account closure option 
  • Provide the reason for closing your account
  • Verify your account information and identification

That’s all! Your account will be closed, and you’ll receive an email confirmation of the account closure request.

Your profile will be removed from the RBC Online Banking platform within 30 days of account closure.

Note: Closing your RBC account can also be done through phone or email, but only if you have a regular account and your account balance is zero. This process takes around 5 business days to complete.

How to Close RBC Direct Investing Account?

If you would like to close your RBC Direct Investing account, you will need to contact RBC Direct Investing’s customer service department. 

You can reach them through the following methods:

  • Phone: You can call RBC Direct Investing’s customer service department at  1-800-769-2560  or 1-416-977-1255 (if you are calling outside Canada). If you need assistance in Cantonese or Mandarin, dial 1-800-667-8668 or 416-313-8611.
  • Visit your closest investor center

Fees for Closing an RBC Account

Royal Bank of Canada (RBC) account closure fee is based on how long the account was opened. Below is a breakdown of RBC account closure fees.

  • $0 for account closures within 15 days of account opening
  • $15 for account closures between 16 and 90 days of account opening
  • $0 for account closures after 90 days of account opening.

The fees are designed to cover the expenses incurred by the bank during the account opening process, as well as any outstanding charges on the account.

Before closing an account, you should settle any outstanding fees or charges on the account, such as unpaid interest or late fees to avoid a non-sufficient funds fee of $45.00.

READ ALSO: 9 Ridiculous Common Bank Fees Burning Your Finances

RBC Alternatives

Whether you’re looking to switch to another traditional bank or join the online banking industry, there are different alternatives to consider. 

But due to their low costs, zero monthly fees, zero minimum balance and competitive interest, you’re likely to find an online-only bank your perfect alternative.

In this second, we’re going to take a brief look at some of the popular online-only banks out there. 

Tangerine Bank

Tangerine Bank, known for its famous cash back credit card and promos, is one of the best neo banks in Canada. 

The bank offers no-fee daily chequing and savings accounts with competitive interest rates tang8 also offers a wide range of investment solutions making it a one-stop online bank. Some of the other products the bank offers include:

  • GICs
  • Mutual funds
  • Mortgages
  • Personal loans
  • Line of credit

EQ Bank

EQ Bank is an online bank in Canada that offers high-interest savings accounts and GICs. They recently launched a cashback prepaid Mastercard that offers 0.5% back on purchases and 2.5% interest on savings. 

The following are some of the key features of EQ Bank: 

  • Competitive interest in savings and GICs
  • No monthly fees
  • No minimum balance
  • Option to set up automatic savings plans
  • Mortgage Marketplace
  • 24/7 customer service

Simplii Financial

Simplii Financial is an online bank in Canada, which is owned and operated by the Canadian Imperial Bank of Commerce (CIBC). 

They offers a variety of financial products, including no-fee chequing and savings accounts, credit cards, GICs and mortgages.

Below are some of the notable features:

  • Competitive promotional rate on savings 
  • Competitive GIC rates
  • No monthly fees and minimum balance.

Note: The above online banks have unique features and offerings. This requires you to compare and contrast before making a final decision. Ultimately, you want to choose the one that best meets your financial needs and preferences.

READ ALSO: 10 Best Online Banks in Canada 

Close RBC Account FAQs

How can I close my RBC account?

You can close your RBC account online, by phone, or by visiting the nearest RBC branch.

Are there any fees for closing my RBC account?

It depends on the age of the account. You can close an RBC account for free if the account is opened within 15 days of account opening or after 90 days of opening. 

How can I transfer money to my new account before closing the RBC account?

You can transfer money from your RBC account to the new one by making a bank transfer, cheque deposit or through your online bank account.

Will I receive a notification before my RBC account is closed?

Yes. You will be notified when you personally closed your RBC account or when RBC closed your account due to dormancy. 

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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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