RBC Day to Day Banking

Interested in the RBC Day to Day Banking? Let Responsible Economy guide you through its features, fees, interest rates, and more. Discover how it compares to the best chequing accounts available in Canada. Let´s get started!

Features

In this section, you can see all the features offered by the RBC Day to Day Banking:

Fees

RBC Day to Day Banking has a monthly maintenance fee of 4$, which means you will pay 48$ per year. You can only avoid this fee if you are over 65 years old or if you enroll in the Value Program and meet two of these three requirements: (pre-authorized payment, direct deposit or eligible bill payment).

Here, you have a list with all fees:

Using a Non-RBC Interac ATM in Canada	$2 each
Using a PLUS System ATM in Canada or the U.S.	$3 each
Using a PLUS System ATM Outside Canada or the U.S.	$5 each
Cross-Border Debits	$1 each
Overdraft Protection	$5/month, plus overdraft interest (if used)
Personalized Cheques	Fees apply
Bank Drafts	$9.95 each

Rates

The RBC Day to Day Banking Account doesn’t provide any interest on the balances maintained in the account.

Welcome bonus

The RBC Day to Day Banking does not come with a sign-up bonus.

Minimum deposit

The RBC Day to Day Banking does not require a minimum initial deposit.

ATMs

If you withdraw money from an RBC ATM, the transaction is free of charge. However, using a Non-RBC Interac ATM in Canada incurs a $2 fee for each transaction. For PLUS System ATMs located in Canada or the U.S., the charge is $3 per use. When accessing a PLUS System ATM outside of both Canada and the U.S., the fee rises to $5 per transaction.

Wire transfers

For the RBC Day to Day Banking, the fees associated with incoming wire payments are as follows:

Service	Fee
Incoming wire payment from an RBC Royal Bank unit located in Canada	Free
Incoming wire payment from Another Financial Institution worldwide $50.00 CAD/U.S. and under	Free
Incoming wire payment from Another Financial Institution worldwide over $50.00 CAD/U.S.	$17.00 CAD or $17.00 U.S. depending on the currency of the incoming wire payment
Credit Advice for incoming wire payments	$5.00by telephone/fax $3.00 by mail

For the RBC Day to Day Banking, the fees associated with outgoing wire payments are as follows:

Service	Fee
Outgoing payment within Canada or to other countries (most currencies)	Starting at $45.00 (ask us for further details)
If an International Bank Account Number (IBAN) is not provided for a wire payment going to countries that use IBANs	Add $35.00
Inquiries and Tracing: If outgoing payment is not delivered as instructed	Free
Inquiries and Tracing: If outgoing payment is delivered as instructed	Starting at $25.00 plus GST (ask us for further details)
Cancellation or amendment of outgoing wire payments	Starting at $25.00 plus GST (ask us for further details)
Debit advice / receipt of outgoing wire payments	By telephone/fax: $5.00 By mail: $3.00

Overdraft service

You can hire Overdraft service from $5 per month.

Summary table

Here’s a summary table of the features highlighted in the previous section:

Feature	Details
Monthly fee	$4
Interest Rate	0%
Wire Transfers	0$-$45
Minimum Deposit	$0
ATMs	$0 RBC
Bonus	$0
Overdraft Service	Yes

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the RBC Day to Day Banking:

Requirements

To be eligible for the RBC Day to Day Banking, ensure you meet the following criteria:

• Age: You must be at least 18 years old to be eligible for this account. This is because the account is designed for adults who are able to manage their own finances.
• Residency: You must be a resident of Canada to be eligible for this account. This is because the account is designed to meet the needs of Canadian residents.

Pros and cons

Here is a table summarizing the advantages and disadvantages of the RBC Day to Day Banking:

Pros	Cons
No monthly maintenance fee for seniors or those who meet the Value Program requirements	Monthly maintenance fee of $4 for others
No fees for using RBC ATMs	Fees for using non-RBC ATMs in Canada, the U.S., and internationally
No fees for incoming wire payments under $50 CAD/USD	Fees for incoming wire payments over $50 CAD/USD
No fees for outgoing wire payments under $45 CAD	Fees for outgoing wire payments over $45 CAD
No fees for overdraft protection	Overdraft protection fee of $5 per month

Overall, the RBC Day to Day Banking account has a few pros, such as no monthly maintenance fee for seniors or those who meet the Value Program requirements, and no fees for incoming wire payments under $50 CAD/USD. However, it also has some cons, such as a monthly maintenance fee of $4 for others, and fees for using non-RBC ATMs in Canada, the U.S., and internationally.

Here is a more detailed explanation of the pros and cons:

Pros:

• No monthly maintenance fee for seniors or those who meet the Value Program requirements: This is a great benefit for those who are on a budget.
• No fees for using RBC ATMs: This means that you can withdraw money from any RBC ATM without having to pay a fee.
• No fees for incoming wire payments under $50 CAD/USD: This is a good option if you receive international wire payments frequently.

Cons:

• Monthly maintenance fee of $4 for others: This fee can be avoided by meeting the Value Program requirements, but it is still something to keep in mind.
• Fees for using non-RBC ATMs in Canada, the U.S., and internationally: This can add up if you use non-RBC ATMs frequently.
• Fees for outgoing wire payments over $45 CAD: This can be a significant fee if you need to send a large wire payment.
• Overdraft protection fee of $5 per month: This fee can be avoided by maintaining a positive balance in your account, but it is still something to keep in mind.

Conclusion and opinions

After analyzing the account, we believe that the RBC Day to Day Banking is not a competitive current account. This is because the account requires you to meet certain requirements to avoid paying an annual fee of $48. Additionally, the account does not offer any type of interest, it does not have any welcome bonus, and the bank transfers are very expensive.

Frequent questions

Here, we answer all the questions about RBC Day to Day Banking:

Other RBC products

We’ve also provided a list of all the RBC products we have analyzed:

• RBC chequing accounts.
  • RBC Day to Day Banking.
  • RBC Advantage Banking.
  • RBC Signature no limit Banking.
  • RBC Vip Banking.

Interesting information about RBC

We have created a table with relevant information about RBC:

Information	Description
Website	https://www.rbcroyalbank.com/
Instagram	https://www.instagram.com/rbc/
Twitter	https://twitter.com/RBC
Facebook	https://www.facebook.com/rbc
YouTube	https://www.youtube.com/user/RBC
Linkedin	https://www.linkedin.com/company/rbc/

Related content

To conclude, you have more related content about chequing accounts:

Actualizado el día 7 September, 2023 por Alfredo Barandiarán