Review Time
RBC lock my investment accounts for trading and not able to tell me when the account can be unlocked!
My accounts was migrated from HSBC in early 2024 as they bought HSBC Canada. They kept on telling me there is nothing I need to do for the account migration. 18 months later, they send message to my wife asked here to contact RBC. But we were travelling for months and not able to check e-mail.
Few days ago, they locked our accounts for trading. After contact them, they sent document for "account opening" of our accounts that already used over 18 months! We filled up the documents and send it back electronically on the same day. I called them today to check when can I do the trading. Then answer is "they DON"T know".
If you like to avoid lost caused by "bank's operational quality and unfriendly rules", may be RBC direct investing is the one you should NOT to use.
I have been a client for 60 years and have been using their direct investing service for about 15. I am in the process of moving all my accounts away, and they don’t seem to care. Setting up and managing basic accounts was fine unless you need margin or option trading, or if issues arise. Once that happens, you hit a bureaucratic wall with their processes. Adding beneficiaries to accounts takes weeks and usually requires multiple calls. Their online capabilities are poor, and you are left with filling out paper forms and mailing them, only to have them lost or outdated. New fintech options are much easier to deal with and will likely take a lot of business away from the big banks. I suggest looking elsewhere for your investment needs.
I have been dealing with the investing service regarding my late father’s estate, and the experience has been incredibly frustrating. From the start, withdrawing the funds has been unnecessarily complicated. Each time I followed their instructions, I was later told something was wrong, requiring resubmission. This cycle repeated multiple times, with weeks passing between responses, making it feel deliberately prolonged. After several failed attempts and no resolution, I involved legal support for clarity. Even then, responses were slow and lacked urgency. Based on my experience, I strongly recommend considering other investment providers, as this process should never be this difficult or draining.
Initially, everything worked as expected, but issues arose once money was involved. Access was restricted, and clear answers were lacking. Midway through the process, I sought legal advice to understand the correct steps. Experiences like this seriously damage trust.
I will never trust this direct investing service again and urge anyone considering them to think twice. My family had accounts for over a decade, but after a family loss, accessing funds turned into a three-year nightmare. Not once did they reach out to me; every update came only when I called. Each time, I was given different excuses, and the cycle repeated for three years. Recently, we submitted final documents with promises of prioritization, but since then, I’ve faced more delays and lack of communication. This experience is overwhelming during a time of grief. Families deserve compassion and competence, not years of excuses. Learn from my experience and choose another institution.
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