RBC's Arbitrary Unjustified increase in Safety Deposit Box Fees

RBC's Arbitrary Unjustified increase in Safety Deposit Box Fees

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Renu Mehta started this petition to Royal Bank Financial Group and

We would like to express my concern about the increased Safety Deposit Box Fees for 2019 by RBC Royal Bank. We find that the fees have been arbitrarily increased  without any thought to client interests.

Small safety deposit box: 
2018: Charged $65 and 2019: Increased to $90 - increase of over 35 per cent
Large safety deposit box:
2018: Charged $125 and 2019: Increased to $200 - increase of over 50 per cent

We want to know on what basis this increased sum has been calculated. There is a lot of resentment building up in the public for these arbitrary fee increases well exceeding the wage increases the average Canadian sees. Meanwhile RBC is declaring record profit in spite of having to increase loan loss provisions from bad business decisions. Should the bank not be improving its profitability though sounder business decisions that on the back of hard working Canadians !!! 


On our earlier communication with the Bank's customer care, we were told that RBC safety deposit fees were in line with other bank’s fees.  This is not a TRUE statement.  Other Banks so far have not increased Safety deposit fees. It does little to your bank’s credibility when it either does not know the facts or deliberately misrepresents. 

This change will impact many people who bank with RBC as the escalated fees are not commensurate with the increase in general earnings.

We have emailed you on January 23, 2019 with no response so far.

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