Issues with RBC

[~Nini~ 2]

So, for the past forever-and-a-half years I've been doing my banking through RBC. For the most part they haven't been giving me much grief... okay, until today.

Up until my recent graduation (yaaaaaay!) I've been holding student banking accounts with RBC. A few months ago they sent me a reminder letter asking me to switch out of my student bank accounts and into regular accounts once I graduated.

When I was talking to the banking officer about RBC Centura last week, I mentioned that I also needed to swap my credit card from a Student Visa Classic II to a regular Visa Classic II. He filled out a form for me for a card switch, no problem right?

Imagine my surprise when I received a letter from RBC today stating that my recent credit card application was DECLINED. You can imagine I started freaking out about someone applying for a credit card in my name.

After an hour of being transferred from department to department in the RBC telephone hotline, I find out that I am receiving a Visa Classic II from RBC within the week and they have no idea why I received a refusal letter. It turns out that the banking officer used the wrong form to do my card switch and he basically completed a brand-new application for me, which resulted in my refusal letter.

The worst part is that because of this F***ING letter, my credit rating is affected. So I have to go back to my branch tomorrow and cause hell, because RBC Customer Services can't do anything about it.

ARGH.

Edited September 7, 2007 by Nini & Bee

[J&K 0]

You shouldn't have to worry too much about your credit rating. The only thing that would affect it, is the hard inquiry that they would have done. Yes, it does 'hurt' your score, but not in a giant sense...and as long as you haven't been applying for many credit cards/loans in a short period of time, one hard inquiry on your credit file isn't that bad. It's when you get 10, 12, 20 inquiries that companies think hard and long before giving you more credit.

When you go to RBC, or call them, ask them to remove the inquiry based on the fact that you didn't give them permissible purpose to do the hard pull of your credit report. And technically you didn't. You didn't sign anything to state that you gave permission for them to do this. They should remove the inquiry. If they don't, I would dispute the inquiry with whomever they pulled (probably Equifax...but they should tell you). Otherwise, if they don't, it stays on your report for 2 years, and as time goes by on it, it becomes less and less of a factor in your score. (we're talking maybe 10-15 points here)

The fact that you were denied will not show up on your report and has no bearing on your credit score.

I have been doing a lot of research on credit for the past year and a half, so while I'm no expert, I do have some experience in what happens in your report and your score.

Hope this has helped a little!

Edited September 7, 2007 by J&K

[trailmix 77]

You shouldn't have to worry too much about your credit rating. The only thing that would affect it, is the hard inquiry that they would have done. Yes, it does 'hurt' your score, but not in a giant sense...and as long as you haven't been applying for many credit cards/loans in a short period of time, one hard inquiry on your credit file isn't that bad. It's when you get 10, 12, 20 inquiries that companies think hard and long before giving you more credit.

When you go to RBC, or call them, ask them to remove the inquiry based on the fact that you didn't give them permissible purpose to do the hard pull of your credit report. And technically you didn't. You didn't sign anything to state that you gave permission for them to do this. They should remove the inquiry. If they don't, I would dispute the inquiry with whomever they pulled (probably Equifax...but they should tell you). Otherwise, if they don't, it stays on your report for 2 years, and as time goes by on it, it becomes less and less of a factor in your score. (we're talking maybe 10-15 points here)

The fact that you were denied will not show up on your report and has no bearing on your credit score.

I have been doing a lot of research on credit for the past year and a half, so while I'm no expert, I do have some experience in what happens in your report and your score.

Hope this has helped a little!

Great post!

[IR5FORMUMSIE 850]

You shouldn't have to worry too much about your credit rating. The only thing that would affect it, is the hard inquiry that they would have done. Yes, it does 'hurt' your score, but not in a giant sense...and as long as you haven't been applying for many credit cards/loans in a short period of time, one hard inquiry on your credit file isn't that bad. It's when you get 10, 12, 20 inquiries that companies think hard and long before giving you more credit.

When you go to RBC, or call them, ask them to remove the inquiry based on the fact that you didn't give them permissible purpose to do the hard pull of your credit report. And technically you didn't. You didn't sign anything to state that you gave permission for them to do this. They should remove the inquiry. If they don't, I would dispute the inquiry with whomever they pulled (probably Equifax...but they should tell you). Otherwise, if they don't, it stays on your report for 2 years, and as time goes by on it, it becomes less and less of a factor in your score. (we're talking maybe 10-15 points here)

The fact that you were denied will not show up on your report and has no bearing on your credit score.

I have been doing a lot of research on credit for the past year and a half, so while I'm no expert, I do have some experience in what happens in your report and your score.

Hope this has helped a little!

I know what you are saying is 100% true. I just got a big fat loan and everything you say is totally vaild. With so many people getting screwed over in their credit ratings, I agree with trailmix. This is a great post. I also hope that at least once a year (maybe even twice a year) people remember to get a copy of their credit report to make sure there are no irregularities or errors. If the branch or customer service (bug them again) won't help you, contact the RBC Ombudsman (most banks have one) at these addresses:

RBC Ombudsman

P. O. Box 1, Royal Bank Plaza

Toronto, ON M5J 2J5

Tel: 1-800-769-2542

or (416) 974-4591

Fax: (416) 974-6922

ombudsman@rbc.com

www.rbc.com/ombudsman

Ombudsman for Banking Services and

Investments (OBSI)

P.O. Box 896, Station Adelaide

Toronto, ON M5C 2K3

Tel: 1-888-451-4519

Fax: 1-888-422-2865

ombudsman@obsi.ca

www.obsi.ca

I don't know which one is appropriate in your situation but it's a start.

Good luck!

[trailmix 77]

So, for the past forever-and-a-half years I've been doing my banking through RBC. For the most part they haven't been giving me much grief... okay, until today.

Up until my recent graduation (yaaaaaay!) I've been holding student banking accounts with RBC. A few months ago they sent me a reminder letter asking me to switch out of my student bank accounts and into regular accounts once I graduated.

When I was talking to the banking officer about RBC Centura last week, I mentioned that I also needed to swap my credit card from a Student Visa Classic II to a regular Visa Classic II. He filled out a form for me for a card switch, no problem right?

Imagine my surprise when I received a letter from RBC today stating that my recent credit card application was DECLINED. You can imagine I started freaking out about someone applying for a credit card in my name.

After an hour of being transferred from department to department in the RBC telephone hotline, I find out that I am receiving a Visa Classic II from RBC within the week and they have no idea why I received a refusal letter. It turns out that the banking officer used the wrong form to do my card switch and he basically completed a brand-new application for me, which resulted in my refusal letter.

The worst part is that because of this F***ING letter, my credit rating is affected. So I have to go back to my branch tomorrow and cause hell, because RBC Customer Services can't do anything about it.

ARGH.

I completely understand your frustration! Let us know how you get on tomorrow?

[Eka_&_Pyrrhic 0]

If a Canadian's credit history doesn't count for anything in the USA ... does that mean it's time to party?

Err ... right. Umm ... *cough*

Good luck with RBC, Nini. I've never banked with them myself, but I don't see why they wouldn't be able to undo a mistake they made.

~ Eka

[vanee 13]

Sorry to hear about the problem. I use RBC and have always found them to be very helpful. They made a mistake, but they should be able to fix it too.

I got my first credit card with RBC when I was a student and never thought to change the card after I graduated. They contacted me about 8-10 years after I graduated and told me that they were changing my card to a non-student one because I wasn't a student any more. They're a little faster with you. B)

[bradcanuck 1]

When I was 16 I had my mom lease a car for me. I lost my job and couldn't pay the bill and neglected to tell her. 3 months later she gets a call from the bank.

To make a long story short TD Canada Trust put on MY SIN that I was delinquent. 2 years before I could even get credit. Even to this day they won't even give me so much as a cell phone because of that.

Banks suck.

[L_n_O 3]

that's so dumb!!

[~Nini~ 2]

Bleh.

I just got home from my RBC branch. The guy I dealt with before helped me out again, and after a few calls he explained to me that my receiving a refusal notice was a glitch in the paperwork system. When I pointed out that I had still been approved for the credit card and shouldn't have received a refusal notice, he said that my product switch entailed RBC to do an inquiry into my credit history due to the fact that the regular and student Visas had separate criteria.

He actually went over credit stuff with me after that and said that RBC hadn't done a "hit" (detailed credit history check) but an "inquiry" and that the inquiry would not affect my credit rating. Hell, he said that the refusal notice would not affect my credit rating at all.

Not only that, but my cousin works for RBC Visa. I spoke to her yesterday and she said that my credit history would show that I had an inquiry, but that it wouldn't have a large impact on my credit history because the points were so negligible. She said that if I wanted to pursue it, I could but should be prepared for a huge amount of hassle and it might not be worth my time. (And then she said, "But I thought you were moving soon?" )

I'm not so sure what to think, but I am very sick from catching my coworker's cold and my head is all muddled up, and I feel decidedly emotional right now.

Edited September 7, 2007 by Nini & Bee

[L_n_O 3]

sounds like someone needs a good afternoon nap..

[Tinker 0]

Nini, you have alot of other things to worry about right now, and you don't need the run around.

Take their word and let it go

Don't forget your moving soon PEOPLE!!

I still haven't heard anything back from RBC Centura..feel too sick to deal with any of that right now.

[L_n_O 3]

alright.. group afternoon nap!!

[bradcanuck 1]

Nini, you have alot of other things to worry about right now, and you don't need the run around.

Take their word and let it go

Don't forget your moving soon PEOPLE!!

I still haven't heard anything back from RBC Centura..feel too sick to deal with any of that right now.

This is the best advice. I let a lot of things go when I moved. You don't need the additional stress. Just push out whatever is in the way and drudge forward!

... after a nap. LOL

[Tinker 0]

I'd like to hear from someone who's already opened a Centura account, and how long a process it was, and what type of paperwork did you get?

A couple of us have been waiting weeks to hear or recieve something from them.

Edit, I don't really want to just let it go, because they will look at your Canadian credit. So it's kinda important. I can always just get american travelers cheques, but I would rather go this way.

Edited September 15, 2007 by Tinker