Canada's Banking System - Model For Third World Countries!

[Parsad]

I'm incredibly frustrated lately with Canada's banks and their subsidiaries.  Yes, they came through wonderfully through the financial crisis, but in terms of competition, pricing, service and just plain common sense, they continue to operate as if they are institutions from a Third World country.

 

Seven fu*king months we've been trying to open a bank account with RBC Royal Bank Cayman Ltd.  Their onerous burden of proof required for every piece of documentation is mind-boggling, and the fact that two subsidiaries of Royal Bank can't even talk to one another, let alone address letters to each other, is just completely irrational!  The fund was approved seven months ago, but our checking account is in limbo still, because these assholes in the Caribbean work on Island time and have very little discretion to use actual common sense.

 

What we pay for at RBC Dominion for the Canadian Fund, costs us 80% less at UBS in Chicago, where Ajay Desai's team makes Canadian brokerages look like warts on the financial industries ass!  Yes, I'm not holding back today.  Eight god-damn years we spent with RBC Dominion and Royal Bank, and they can't get their shit together to open a checking account in the Caymans.  Documentation from U.S. legal counsel, Cayman legal counsel, Canadian legal counsel, our directors, our registered agent, bank references, personal references, utility bills, full breakdowns of corporate hierarchies and the shareholder base at each level, and on and on it goes...for a fu*king checking account!

 

And what is it with Canadian wires.  A new partner in our Canadian fund wired capital two days ago, and it still hasn't shown up even though the routing instructions were perfect.  In the U.S., almost 99% of our wires show up within hours, and rarely does it take a day to show up!  Is the money being physically counted by a group of seniors in a back room at Royal Bank, before they electronically show it appearing?!

 

Finally today was the straw that broke the camel's back!  I go into Royal Bank to do a corporate deposit.  They have one person in the Business Deposit section and 9 tellers in the Personal Deposits section.  Two customers are at each line.  So I go through the Personal Deposit's line, even though I have a Business Deposit...I've done this for 8 years without a problem. 

 

The girl at the counter tells me "Oh, this is a business deposit.  You have to go into that line over there next time."  I said, "Well you have 9 people here and one person there."  She says "Well, usually once we finish with the people here, we'll bring over anyone over there, so please wait in that line next time."  I flipped out and said "Do you really think it's appropriate to tell your customers that they should wait in the other line?  Or do you think it's more appropriate to simply apologize to them by saying "I'm sorry you had to wait there, we'll try and speed up the process for you next time."  She was stunned, stamped my deposit book and I was on my merry way.

 

Now I'm going to write a letter to the CEO of Royal Bank and rip a new asshole into him, including how dysfunctional his Cayman Island's commercial banking staff is.  And I am also now a confirmed proponent for far greater competition in the Canadian banking industry.  You guys suck!  Cheers

 

 

[LC]

That sucks...seems like one of the downsides of such a protected industry. Don't worry, here in the US the banks will easily take your money, it just might take longer to get it back...

[fareastwarriors]

You tell'em!

[Otsog]

Haha, I remember playing the business/personal guessing game at the RBC's in Victoria.  Eventually I stopped playing and always went personal.  Even if the business line is short it is still so damn slow. 

 

Right across the street you could zip through TD business way faster, never once went to the personal line. 

 

National Bank sent couriers to our office to pick up deposits (but omg, they nickel and dime the crap out of you for everything).

[Cardboard]

I will never do any business with Royal Bank of Canada.

 

Once upon a time, I came to Ontario for work. I was prior a Quebec resident. I went to a Royal Bank branch to open an account and make a cash deposit. I was asked if I had a visa or passport in order to open the account???

 

Cardboard

[Aberhound]

Same problem with another Canadian bank in Barbados plus a new rule prohibiting you from using the Barbados company until you open the bank account. It has been tightening up for years. In the past people had to belong to the right clubs to be accepted in business. Maybe those days are returning. Perhaps we should change this Message Board into a formal club. Just think of the references you would have if you did so!

 

The good news is once you have the set up there will be fewer future competitors.