Mortgage Reviews
RBC Fixed Mortgage Consumer Reviews
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(52 reviews)
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RBC has made a labelling mistake on RBC clients mortgages. They have used their computer-generated calculations for bi-weekly payments when clients signed an agreement for Accelerated bi-weekly payments. Unfortunately, most clients did not check their amortization period when taking a new or renewal mortgage. For some, the error had been going on for 10 years and RBC have woken up just 2 months ago and send out a disclosure about their language/labelling and worded it out in such a way that clients have made an error. Advisors keep you on hold for close to 20 minutes while they check the issue of the mortage and then do not give you a satisfactory answer. Totally disappointed in the trust factor with RBC.
I had previously my mortgage with Scotia and the service was just ok, nothing special. When it was time to renew my mortgage, I decided to move it to RBC since they agreed to match a better rate that I found somewhere else. The whole experience was very good - friendly and knowledgeable mortgage specialist from a Shaw and King branch (Toronto) guided me through the whole process. I got a great variable rate and was happy to see all my products in one RBC online banking account. It is much easier to manage all my finances if they are all with RBC. They were eager to get my business, worked for that and I have not regretted moving my mortgage away from Scotia. The same about my wife - she was initially with Scotiabank but also moved her mortgage to RBC.
RBC does not follow through with the commitments that their staff make. Multiple follow-ups, 4 weeks later, told that the commitment made was not honoured and that I am on the hook for the bill. Ombudsman has been contacted, but I look to be out of luck due to RBC’s poor customer service, advice and information. The community manager tells you how to manage your money even though their team provides garbage advice and insinuates that you should have known better than to trust multiple RBC representative's advice. Will never do ANY business with RBC ever again as they do not care for the customer and they have no integrity, just looking to get your hard-earned money any way they can. Stay away!!!