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RBC Signature No Limit Banking Overview
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For a comprehensive account offering a plethora of features, the (Royal Bank of Canada) RBC Signature No Limit Banking account is a popular option. This versatile banking option could be the solution for Canadians seeking an inclusive banking package that caters to their everyday banking needs, and offers added benefits.
The RBC Signature No Limit Banking account offers unlimited debit transactions for a monthly fee of $16.95. Additional features include three free non-RBC ATM transactions and five free monthly cross-border debits.
Special offers are often available, such as a $300 cash bonus for fulfilling specific requirements. Other RBC account options and a straightforward online account opening process offer flexibility to potential account holders.
This post will delve into this in-demand chequing account’s pros, cons, features, and more.
Experience the freedom of unlimited debit transactions within Canada.
Enjoy the added benefit of up to a $48 rebate on the annual fee of an eligible credit card.
Free Interac e-Transfer transactions.
Three non-RBC ATM fees are waived monthly – $2 for each subsequent transaction.
Five free cross-border debits per month – $1 for each subsequent transaction.
Overdraft Protection fee waived.
Ability to earn Avion Points.
Free online, mobile, and telephone banking.
Free eStatements.
Choose between a $2.25 fee for monthly paper statements without cheque images or a $2.50 fee for those with cheque images.
A yearly discount of up to $12 on Safe Deposit Box regular fees.
One NSF fee is rebated every calendar year.
Free personalized cheques.
Six free bank drafts per year, $9.95 each after that.
The pros of RBC Signature No Limit Banking
Earn Rewards and Rebates
The ability to earn Avion points sets this chequing account apart. For every $10 spent in-store and online using the enrolled account, account holders earn at least 1 Avion point. This, coupled with up to a $48 rebate on the annual fee of an eligible credit card, gives customers a chance to earn rewards and save money simultaneously.
No Fee Overdraft Protection
Another notable advantage of the RBC Signature No Limit Banking account is the absence of fees for overdraft protection. This feature gives account holders some flexibility and potential savings if they end up needing this service.
Unlimited Transactions
With this chequing account, you have the freedom to conduct unlimited debit transactions across Canada without any restrictions. This feature is highly beneficial for those who make frequent transactions, as it eliminates the worry about potential extra charges. This package also includes free Interac e-Transfer transactions, another feature that provides value and convenience.
The cons of RBC Signature No Limit Banking
High Monthly Fee
At $16.95 per month, the cost of maintaining this chequing account can add up over time. While the benefits may outweigh the cost for some, others might find the fee steep compared to some free or low-cost chequing accounts available on the market.
Fees for Non-Affiliated ATM Use
The charges can add up if you frequently need cash and don’t have access to an RBC-affiliated ATM. The fees for non-affiliate ATM withdrawals in Canada are $2 each. In the US, they are $3 each, and globally they are $5 each, excluding the fees charged by the ATM.
Caps on Certain Benefits
Some benefits, such as free cross-border debits and bank drafts, are capped. Once the limit is reached, subsequent transactions will incur a fee.
RBC Signature No Limit Banking fees
For the RBC Signature No Limit Banking account, there is a monthly fee of $16.95 that is applicable. Seniors qualify for a discounted monthly fee of $12.95. The Value Program Rebate can also reduce the monthly fee to $10.95 or $5.
Other fees associated with this account include the following:
Non-RBC ATM fees: Free for the first three monthly transactions, $2 for each subsequent transaction.
Cross-border debit fee: Free for the first five monthly transactions, $1 for each subsequent transaction.
Monthly paper statement fee: $2.25 without e-Statement, but free if you opt for e-Statements.
Overdraft Protection: A fee of $5 per month applies. However, there is a $5 per usage fee if the Overdraft Protection is used more than once a month.
Returned Items: Should there be insufficient funds, a fee of $45 applies to each returned item.
Stop Payments: A fee of $16 applies for each stop payment order, but if you do the stop payment order online, the cost is reduced to $10.
Wire Transfers: Fees for sending a wire transfer are $45 for transactions within Canada, $65 for transactions to the US, and $80 for transactions to other countries.
Bank Drafts: Bank drafts have a fee of $7.50 each.
Safety Deposit Box: The rental fee varies depending on the box size. It ranges from $60 to $500 per year.
Cheque Orders: Fees for cheque orders vary depending on the style and quantity of cheques ordered. The minimum fee is $20.
RBC Signature No Limit Banking special offers
RBC periodically provides special offers to incentivize new customers to open an account or existing customers to upgrade their current accounts. These may include cash bonuses, introductory rates, or discounted fees.
For the RBC Signature No Limit Banking Account, as of the date of writing, RBC offers a $300 cash bonus when you open a new account and fulfill specific requirements, such as setting up a direct deposit or two pre-authorized payments within the first 2 months.
Always check with RBC for the latest promotions, as offers may vary and are often time limited.
Other RBC chequing account options
Suppose the RBC Signature No Limit Banking account doesn’t seem like the right fit for you. In that instance, RBC offers a diverse range of chequing accounts tailored to various needs and budgets.
RBC Day to Day Banking: This is a basic account with a lower monthly fee ($4.00) and a limit of 12 monthly transactions.
RBC Enhanced Savings: This account doesn’t have a monthly fee but is designed for savings with only 1 free debit transaction per month.
RBC VIP Banking: For a higher monthly fee ($30.00), this account offers unlimited transactions, free cross-border debits, and additional benefits like a free small safety deposit box and unlimited free non-RBC ATM transactions.
Remember, each of these accounts has its unique features, and it’s essential to consider your personal banking needs when choosing an account.
How to open the RBC Signature No Limit Banking Account
Opening this chequing account is a straightforward process. You can easily open an account either online, over the phone, or in person at an RBC branch. Here are the steps to open an account online:
Visit the RBC website and navigate to the chequing accounts page.
Choose the RBC Signature No Limit Banking account and click on ‘Open an account’.
Fill out the application form with your personal details, such as your full name, address, employment details, and Social Insurance Number (SIN).
Review and submit your application.
Once your application is approved, you’ll need to deposit money into the account to activate it. You can do this by transferring money from another account or by depositing cash or a cheque at an RBC branch.
Please bear in mind that you must be of the age of majority in your province to open an account. Canadian residency is a prerequisite for opening an account online.
RBC Signature No Limit Banking conclusion
The RBC Signature No Limit Banking account offers a comprehensive package that caters to a wide range of banking needs. Its unlimited transactions, robust cross-border capabilities, and potential fee rebates provide considerable value to account holders.
Always consider the monthly fees and transaction limits before choosing a chequing account to ensure it fits your financial lifestyle. With the multitude of options RBC offers, you’re sure to find an account that suits your needs, and their seamless online application process makes account setup a breeze.
Can I get a rebate if I maintain a minimum balance in my RBC Signature No Limit Banking account?
No. The RBC Signature No Limit Banking account does not provide a rebate for maintaining a minimum balance.
Does RBC Signature No Limit Banking account offer overdraft protection?
Yes. The RBC Signature No Limit Banking account offers overdraft protection. However, it is important to note that there may be additional fees associated with this service.
Can I access my RBC Signature No Limit Banking account from outside Canada?
Yes. You can access your account anywhere in the world through online banking or RBC's mobile app. Plus, you get five free cross-border debit transactions per month.
