Featured Personal Finance

Canada’s Largest Bank Goes Paperless

I know mobile phone companies are going paperless, setting off a lively debate. But I didn’t know that Canada’s largest bank had done the same thing.

In May, RBC Royal Bank stopped sending paper statements to its personal banking clients. David, who wrote to me, doesn’t remember getting any notice.

I went through a lot of paperwork this past weekend and realized I hadn’t received a statement since April. The May and June statements I printed from the computer, assuming they were lost in the mail.

When I noticed I hadn’t received July’s statement either, I finally broke down and called the bank. It turns out they just decided not to send me statements any more.

The rep explained that it was my responsibility to call them to ask to continue to receive statements. Of course, I got the whole pre-scripted lies about how RBC cares about the enviroment. RBC only cares about this quarter’s profits.  Read More…

Replies to this Post

  1. bani says:

    🙂 They don`t want to spend anymore money on papers.
    That`s cheap ! 🙂

  2. Kade V. says:

    I am one that relies on my statements each month and to not have that is quite inconvenient.

  3. Durrell Donald says:

    It’s good to see more banks are taking a more responsible approach these days.

  4. Cecil says:

    Green my ass. Its about screwing their customers. Bye bye RBC!

  5. Kordell says:

    I dunno about this. I am one that prefer paper statements for my records. Seeing this limited ability makes me feel other major banks will soon follow. Not a good day!

  6. Reilly Z says:

    They had a choice of paper or paperless but now they only offer paperless. Cheap bastards.

  7. Jayme T says:

    Maybe i am missing something but i always thought Royal Bank always had paper statements.

  8. Reinaldo Fish says:

    And so it begins. Banks are beginning their mass cutting spree to seem like they are going green but in fact are just giving us less choices as customers.

    For them the ideal thing is to have no tellers and have everything done online but keeping their rediculous fees and grotesquely low interest rates.

  9. Nikolai says:

    You just know the only reason they’re going paperless is because its biting into their profits and so they want to go cheap.

    My elderly parents consider this bad news and will surely close their accounts for another bank.

  10. Rico T. says:

    RBC is the largest bank in Canada? Based on my area i’d say TD Canada Trust. They are like McDonalds…a bank at every corner.

  11. Iain says:

    Here in B.C. we have no-enveople machines. They’re really cool! What part of Canada still uses envelopes?

  12. Soren says:

    Now if canadian banks can start adopting more envelope-less deposits in ATMs then we will finally be in the 21st century like the rest of the world.

  13. Aldo Picket says:

    Yea i agree. Although the service is free it is ripe for abuse by banks and they will start charging a monthly fee just to up their quarterlys

  14. Armaan Hobbs says:

    And you know other banks will follow and no doubt we will be charged a heafty fee for this paperless service.

  15. Randal Williams says:

    It’s about a god damn time they did this

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