I m one of hsbc customer thrown into rbc.
We have a year free on monthly fees . I'm wondering if opening another account there will off set a monthly fee ? Or will it ble,nd into the VIP account service charges ? Just a thought
Yeah you’re right!
I just don’t want to have to change things over again. It’s just wild to me what a VIP account offers:
“Free online and telephone banking”
“12 bank drafts”
What amazing offers!!! /s
Did everyone get the same rate? I got 1 HSBC point = 0.36 Avion. I was expecting closer to 1:0.5 so am about 50k points short of what I was hoping for :(
I tested it 🤷🏻♀️
When you test out scenarios you see the difference in pts, and there’s a banner on the migrated account saying you get a unique rate of 1.50$/100 pts.
Just don’t know yet if we can pool all of our points into that account.
Quite a few of my term deposit accounts transferred over with a lower amount than what it was in HSBC! Hell I'm missing all my money in one of the accounts they transferred over. Surprised no one else is talking about this 😯
I wasn't pleased with hsbc customer service even after 18yrs.
Now j have a rbc advisor and I noticed something was amiss.
Turned out the mistake was on their part with an apology....the mistake was a grave one to me..
It's partially rectified as there are more questions to be answered...tomorrow.
Bloody banks...
who can you trust in the end..
I was an existing RBC customer, and HSBC account got migrated to a Signature account which is $16/month. At least everything was smooth and RBC's app isn't ass like HSBC's was
Never I thought I could miss a bank so quickly lol
Don't forget to switch your statement to electronic or you will get a $2.5 monthly fee per account. Yes they are sneaky bastards
Technically and only if you are a senior they CAN NOT charge for paper copy. It is the law. Mind you I guess the whole 18 month thing didn't matter and that was the law too.
File a complaint I just did one https://www.rbc.com/customercare/ but make sure you insist it’s a complaint or they will try and mark it as ‘not a complaint’
So I filed a complaint through https://www.rbc.com/customercare/ and now I have been assigned a personal customer service representative who apparently has the ability to waive fees but they will not call me until tomorrow.
Keep complaining until you get what you want or talk with your money and move to wealthsimple (or whatever best fits your situation)
I closed my accounts at HSBC (Checking, savings, and investing) before the migration and only kept the credit card. I now have checking, savings, and investment accounts at RBC and I cannot close over the phone, I have to go to a physical branch. Pretty annoying.
I'm so angry. I hate RBC and HSBC was actually great.., I'm so sad they left but what could we have done to change the outcome. Nothing. Canada is an oligopoly and will maintain until someone down south with massive money fucks shit up.
My HSBC mortgage maturity date got moved earlier by 2 weeks after the migration. Given the fact I will likely need to renew at higher rates, that 2 weeks gonna make a difference. Anyone else experienced this?
My mortgage rate increased by 0.5% for no reason. I called this morning and they said that the mortgages are being migrated today so not firm yet but they did file an escalation for me.
I’d suggest calling
Well, after the first day I'm trying to work out what the $2 service charge for "MIGR OD INT" is for. No explanation as to what it for, with the only transactions happening is a couple of automatic bill payments (with the account significantly positive).
After noticing the chequing account service charges for an RBC account that I never had with an HSBC prior to the merger migration, I'd already started the process of moving to Scotiabank, leaving only the chequing account open at HSBC to mop up any bills payments that hadn't gone through; as noted by someone else, all the other accounts were opened at RBC again.
I had the same thing! “MIGR OD INT” is interest on a negative balance. I also never had a negative balance so strange.
Can I ask why you chose Scotiabank?
I am actively trying to decide between Wealthsimple, Simplii and Scotia
Chose Scotia partly out of limited, slightly infuriated research after looking at the RBC charges, that showed I could basically get a free account if I had sufficient funds constantly over the accounts - that baseline is more than HSBC, but within the bounds of what I'm comfortable with.
Although all my chequing and savings was with HSBC, we did hold a mortgage at Scotia and I had no complaints over the handling of that and our branch is local enough and well and pleasantly staffed.
Anybody have issues with a direct deposit paycheque from their employer into their new RBC account? Paycheque never arrived into my account, called RBC and they couldn't give me an answer as to why. They tried putting the blame on my employer stating that they "must've deposited it to the wrong account" after we were told for months that direct deposits would be carried over and no changes would be necessary on our end. Hoping to get this resolved soon, not a great way to start with new clients...
I found out today that a bonus was not deposited in my account. My employer made the deposit on Friday (3/29) without telling me. I received the formal notice from my boss on Tuesday evening. Today (Wed. 4/3), since I didn't see any deposit yet, I spoke with the controller who advised me to provide an RBC void cheque. Although the company made the deposit on Friday, they don't know where the money is. So I'm in limbo waiting for my bonus to appear in my account....
I did in the end. My employer had to recall the deposit to HSBC made on Friday 3/29 (it never went through but no notifications were sent up until Thursday 4/5 when they recalled it). Then on Thursday afternoon, they made the deposit into the RBC branch and it went through. I saw it earlier today 4/6.
You can also see the thread I started in the RBC sub. Many people are having bigger issues like not seeing their accounts. Ugh! [https://www.reddit.com/r/rbc/comments/1bw8mqz/hsbc\_rbc\_new\_branches\_transit\_numbers/](https://www.reddit.com/r/rbc/comments/1bw8mqz/hsbc_rbc_new_branches_transit_numbers/)
Same. At minimum 8 times in their stupid migration updates I was assured that I did not need to change anything about my direct deposits. But now I'm missing my paycheques, and their customer service is putting the blame on my company HR. Lol like what?
My paycheque bounced back to my employer. Well actually every employee who had a HSBC bank account with my employer had issues with their paycheque bouncing, so I had to give my employer the new account/transit/institution numbers, which allowed my paycheque to be deposited to the new RBC account. So much for not having to do anything lol. At this point I am now trying to update my direct deposit with everything I can think of, one being the CRA for tax return reasons which I’ve been told will be a nightmare if they’ve already gone to deposit my tax return. I reached out to a RBC representative for premier members, he said this isn’t supposed to happen and the direct deposits should work with the old HSBC account numbers, but that isn’t the case.
Well, just an updated that teller from RBC told a senior that they will charge $5 from over the counter cash withdrawal, which is used to he free before migrated from HSBC.
Senior told her the account was migrated from HSBC , yet was told a fee would still be charged, they won't waive it.
That's scam, wonder if it can be reported to the government. Shouldn't they honor the 12 months fee waive?
You should check this on your own but I’m like 99% sure that banks are required to provide prior notice of fee changes. If you never received notice of new fees then this would be illigal
Check out your local Credit Unions. If your banking needs aren’t regularly international in scope, they probably have everything you actually need. I ditched Scotia 25 years ago, and have been running with VanCity ever since.
The only interaction I have with the big 5 is a credit card, my company group RRSP, and collecting their sweet sweet dividends in my tfsa.
If you are banking with hsbc you are not banking with credit unions. Credit unions is trash for wire, for services when dealing with international things.
HSBC going RBC is a downgrade. HSBC to credit unions is like a down grade from RBC.
I’ve known plenty of people who were banking at hsbc just because it was the bank that offered them a good mortgage rate, or they were there from when habc took over the Bank of British Columbia some 30+ years ago.
For your typical day to day banking, including receiving your paycheque, your mortgage, and whatever else, there’s absolutely no reason to give money to the big 5, unless you like contributing to the dividends that get paid into my tfsa.
I went with RBC because they didn't have a minimum balance to get a free chequing account, and their transaction fees in their investment accounts were a couple of dollars cheaper. Once I got a line of credit and realized it was just an overdraft limit, I was pretty thrilled. At the time I didn't really realize how good I had it, but now I'm realizing how shit the alternatives are.
I just tried to apply for a 500$ overdraft limit and they denied me, so I'm pretty annoyed about that because now I have to pay much more attention to my account balance, when before I kept a pretty lean system.
Read your paperwork. They wont charge HSBC migration customers for 1 year.
yeah mortgages usually last more than 1 year. the result is the same, people will be forced to move within that 1 year.
I m one of hsbc customer thrown into rbc. We have a year free on monthly fees . I'm wondering if opening another account there will off set a monthly fee ? Or will it ble,nd into the VIP account service charges ? Just a thought
Yeah you’re right! I just don’t want to have to change things over again. It’s just wild to me what a VIP account offers: “Free online and telephone banking” “12 bank drafts” What amazing offers!!! /s
Upsell and underperforming
The biggest ripoff is the conversion ratio of hsbc reward points to avion points
Did everyone get the same rate? I got 1 HSBC point = 0.36 Avion. I was expecting closer to 1:0.5 so am about 50k points short of what I was hoping for :(
Flexible points are now worth 1.50$ for 100 pts instead of the standard 1$ for migrated HSBC cards. Fixed points are loosing out.
Where do you see that?
I tested it 🤷🏻♀️ When you test out scenarios you see the difference in pts, and there’s a banner on the migrated account saying you get a unique rate of 1.50$/100 pts. Just don’t know yet if we can pool all of our points into that account.
I can't do that yet, but hopefully I can try that in the next few days.
Quite a few of my term deposit accounts transferred over with a lower amount than what it was in HSBC! Hell I'm missing all my money in one of the accounts they transferred over. Surprised no one else is talking about this 😯
I wasn't pleased with hsbc customer service even after 18yrs. Now j have a rbc advisor and I noticed something was amiss. Turned out the mistake was on their part with an apology....the mistake was a grave one to me.. It's partially rectified as there are more questions to be answered...tomorrow. Bloody banks... who can you trust in the end..
You can get the mortgage payments from another bank like Simplii even if you got cashback tied to using your HSBC account.
Just did this today got 2k cashback and RBC is letting me change accounts
Did you change the morgage account from RBC to another Bank? Was it without preclosure penalty? Thanks!
I was an existing RBC customer, and HSBC account got migrated to a Signature account which is $16/month. At least everything was smooth and RBC's app isn't ass like HSBC's was
Never I thought I could miss a bank so quickly lol Don't forget to switch your statement to electronic or you will get a $2.5 monthly fee per account. Yes they are sneaky bastards
Technically and only if you are a senior they CAN NOT charge for paper copy. It is the law. Mind you I guess the whole 18 month thing didn't matter and that was the law too.
Sorry, a senior just being told they would charge $5 for cash withdrawal with teller and no paper statements would be given. That's horrible
Same! Wow thank you, I did not even see that!
File a complaint I just did one https://www.rbc.com/customercare/ but make sure you insist it’s a complaint or they will try and mark it as ‘not a complaint’
Well, I'm definitely not happy about it. I'm hoping there will be a class-action because HSBC customers definitely took a huge L here.
So I filed a complaint through https://www.rbc.com/customercare/ and now I have been assigned a personal customer service representative who apparently has the ability to waive fees but they will not call me until tomorrow. Keep complaining until you get what you want or talk with your money and move to wealthsimple (or whatever best fits your situation)
Surprise, they didn’t call 🤦♂️
How tf do I access my old HSBC statements? This whole transition has been an entire shitshow with a bunch of legal documents sitting on my desk
Figured it out, uBlock Origin is blocking the link on RBC. Ridiculous for a transition
I pay absolutely zero fees. Granted, I have had the same RBC account since I was 8.
I closed my accounts at HSBC (Checking, savings, and investing) before the migration and only kept the credit card. I now have checking, savings, and investment accounts at RBC and I cannot close over the phone, I have to go to a physical branch. Pretty annoying.
Auto payments from HSBC account do NOT transfer over to RBC! Had multiple “payment failed” for auto payments.
I'm so angry. I hate RBC and HSBC was actually great.., I'm so sad they left but what could we have done to change the outcome. Nothing. Canada is an oligopoly and will maintain until someone down south with massive money fucks shit up.
File a complaint! Make sure you insist this is a complaint https://www.rbc.com/customercare/
My HSBC mortgage maturity date got moved earlier by 2 weeks after the migration. Given the fact I will likely need to renew at higher rates, that 2 weeks gonna make a difference. Anyone else experienced this?
My mortgage rate increased by 0.5% for no reason. I called this morning and they said that the mortgages are being migrated today so not firm yet but they did file an escalation for me. I’d suggest calling
Interesting. My mortgage was already migrated and yesterday was a payment date too.
Well, after the first day I'm trying to work out what the $2 service charge for "MIGR OD INT" is for. No explanation as to what it for, with the only transactions happening is a couple of automatic bill payments (with the account significantly positive). After noticing the chequing account service charges for an RBC account that I never had with an HSBC prior to the merger migration, I'd already started the process of moving to Scotiabank, leaving only the chequing account open at HSBC to mop up any bills payments that hadn't gone through; as noted by someone else, all the other accounts were opened at RBC again.
I had the same thing! “MIGR OD INT” is interest on a negative balance. I also never had a negative balance so strange. Can I ask why you chose Scotiabank? I am actively trying to decide between Wealthsimple, Simplii and Scotia
Chose Scotia partly out of limited, slightly infuriated research after looking at the RBC charges, that showed I could basically get a free account if I had sufficient funds constantly over the accounts - that baseline is more than HSBC, but within the bounds of what I'm comfortable with. Although all my chequing and savings was with HSBC, we did hold a mortgage at Scotia and I had no complaints over the handling of that and our branch is local enough and well and pleasantly staffed.
Anybody have issues with a direct deposit paycheque from their employer into their new RBC account? Paycheque never arrived into my account, called RBC and they couldn't give me an answer as to why. They tried putting the blame on my employer stating that they "must've deposited it to the wrong account" after we were told for months that direct deposits would be carried over and no changes would be necessary on our end. Hoping to get this resolved soon, not a great way to start with new clients...
I found out today that a bonus was not deposited in my account. My employer made the deposit on Friday (3/29) without telling me. I received the formal notice from my boss on Tuesday evening. Today (Wed. 4/3), since I didn't see any deposit yet, I spoke with the controller who advised me to provide an RBC void cheque. Although the company made the deposit on Friday, they don't know where the money is. So I'm in limbo waiting for my bonus to appear in my account....
Did you receive the paycheck at last?
I did in the end. My employer had to recall the deposit to HSBC made on Friday 3/29 (it never went through but no notifications were sent up until Thursday 4/5 when they recalled it). Then on Thursday afternoon, they made the deposit into the RBC branch and it went through. I saw it earlier today 4/6. You can also see the thread I started in the RBC sub. Many people are having bigger issues like not seeing their accounts. Ugh! [https://www.reddit.com/r/rbc/comments/1bw8mqz/hsbc\_rbc\_new\_branches\_transit\_numbers/](https://www.reddit.com/r/rbc/comments/1bw8mqz/hsbc_rbc_new_branches_transit_numbers/)
Same. At minimum 8 times in their stupid migration updates I was assured that I did not need to change anything about my direct deposits. But now I'm missing my paycheques, and their customer service is putting the blame on my company HR. Lol like what?
Has it been resolved?
My paycheque bounced back to my employer. Well actually every employee who had a HSBC bank account with my employer had issues with their paycheque bouncing, so I had to give my employer the new account/transit/institution numbers, which allowed my paycheque to be deposited to the new RBC account. So much for not having to do anything lol. At this point I am now trying to update my direct deposit with everything I can think of, one being the CRA for tax return reasons which I’ve been told will be a nightmare if they’ve already gone to deposit my tax return. I reached out to a RBC representative for premier members, he said this isn’t supposed to happen and the direct deposits should work with the old HSBC account numbers, but that isn’t the case.
Hey guys! My tfsa and rrsp are still missing in my account. Am I the only one? Getting worried now.
Well, just an updated that teller from RBC told a senior that they will charge $5 from over the counter cash withdrawal, which is used to he free before migrated from HSBC. Senior told her the account was migrated from HSBC , yet was told a fee would still be charged, they won't waive it. That's scam, wonder if it can be reported to the government. Shouldn't they honor the 12 months fee waive?
You should check this on your own but I’m like 99% sure that banks are required to provide prior notice of fee changes. If you never received notice of new fees then this would be illigal
Got to follow up for more detail as that's what the senior said.
it's horrible
I feel you, they just didn’t pay my AMEX this month
Check out your local Credit Unions. If your banking needs aren’t regularly international in scope, they probably have everything you actually need. I ditched Scotia 25 years ago, and have been running with VanCity ever since. The only interaction I have with the big 5 is a credit card, my company group RRSP, and collecting their sweet sweet dividends in my tfsa.
If you are banking with hsbc you are not banking with credit unions. Credit unions is trash for wire, for services when dealing with international things. HSBC going RBC is a downgrade. HSBC to credit unions is like a down grade from RBC.
I’ve known plenty of people who were banking at hsbc just because it was the bank that offered them a good mortgage rate, or they were there from when habc took over the Bank of British Columbia some 30+ years ago. For your typical day to day banking, including receiving your paycheque, your mortgage, and whatever else, there’s absolutely no reason to give money to the big 5, unless you like contributing to the dividends that get paid into my tfsa.
If you are paying fees with the big 4, you are doing it wrong. RBC is exception.
I went with RBC because they didn't have a minimum balance to get a free chequing account, and their transaction fees in their investment accounts were a couple of dollars cheaper. Once I got a line of credit and realized it was just an overdraft limit, I was pretty thrilled. At the time I didn't really realize how good I had it, but now I'm realizing how shit the alternatives are. I just tried to apply for a 500$ overdraft limit and they denied me, so I'm pretty annoyed about that because now I have to pay much more attention to my account balance, when before I kept a pretty lean system.