Any change in pricing or fees is a sensitive topic: RBC Royal Bank

Port of Spain May 20, 2016: RBC Royal Bank is aware of concerns expressed by some of our clients regarding the recent announcement of changes to the suite of Personal Banking accounts. We continue to communicate with our clients regarding these changes, to address their questions and assure them of our continued commitment to serving them, and to thank them for their business with us.{{more}}

As a responsible financial services company with more than 100 years of service in the region, and as part of one of the world’s largest banks, the Bank is working to deliver value to our clients, shareholders and key stakeholders.

In a recent review of our products and services, RBC Royal Bank recognised opportunities to improve upon the existing deposit product offering to clients in the Eastern Caribbean, while ensuring that the suite provided value for customers based on their lifestyle, banking needs and financial goals.

Among the changes announced is the establishment of new age-based accounts tailored to encourage savings among our young people, as well as to continue to provide a differentiated service to our seniors.

o The Youth Savings account to encourage savings among young people below the age of 17

o The “Sixty Plus” account for senior citizens.

Regarding the revision of fees attached to some of the products in the deposit suite, RBC recognises that any change in pricing or fees is a sensitive topic for clients and we work hard to keep costs down. On an annual basis, we review our products and services and sometimes adjust the pricing to reflect the cost of doing business.

We believe we continue to deliver good value and competitive pricing and we encourage our clients to call us or visit their branch to meet with their financial advisor to ensure they have the banking options and advice that best meet their needs.