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How To Close An RBC Account

4 min read

Closing An RBC Account

Written By

Nick Saraev
Nick Saraev

Imagine you're a newcomer in Canada, and one of your first steps was to open an RBC account. The Royal Bank of Canada, a leading financial institution, seemed like a great choice with its comprehensive online banking services.

But as time passes, your financial needs evolve. Whether it's due to finding a new bank account that better suits your needs or simply reassessing your financial strategies—such as learning the best time to open your first bank account or deciding should I keep accounts at multiple banks—you're now considering closing your existing account with RBC.

Managing your bank account efficiently, ensuring your remaining balance is handled correctly, and transitioning smoothly requires guidance. This article offers a step-by-step guide to help you navigate the closure of your RBC account, making the bank account closing process as seamless as possible.

Let's dive in and explore how to close your RBC bank account with confidence and ease.

Overview of Your RBC Account

Royal Bank of Canada (RBC) offers a range of banking services and high-interest savings accounts tailored to meet the diverse needs of its customers through an efficient online banking platform. From day-to-day banking to more complex financial management, RBC's online service allows for easy account management, including checking balances, transferring funds, and more.

  • RBC Signature No Limit Banking: Ideal for those needing unlimited transactions, with features like free overdraft protection and reduced fees for holding multiple products.

  • RBC Advantage Banking: Offers a low monthly fee with unlimited debits, appealing to customers seeking flexibility without the surprise fees.

  • RBC Day-to-Day Banking: A basic personal account for minimal banking needs, providing value with a limited number of free monthly transactions.

  • RBC VIP Banking: An all-inclusive package for comprehensive banking needs, including multiple personal and investment accounts, with benefits like a free premium Visa card.

  • U.S. Personal Account: Perfect for those needing to save or spend in U.S. dollars, offering chequing privileges and the option for overdraft protection coverage.

For those exploring savings options, RBC provides various types of savings accounts in Canada, each designed to cater to different saving goals, from maintaining a minimum balance to maximizing investment returns.

A Few Reasons to Close Your RBC Bank Account

Closing your RBC bank account may come down to a variety of personal and financial reasons. Understanding these reasons can help you make an informed decision about your banking future.

Evaluating Your Financial Needs

Your financial situation and goals evolve over time, necessitating a reassessment of the financial products you use. Perhaps you're looking for ways to build your credit with KOHO or need a virtual credit card that offers more flexibility and benefits than your current RBC account.

Considering a New Bank Account

The quest for better financial solutions might lead you to consider opening a bank account elsewhere, especially if you're seeking features like lower fees or better customer service, which are crucial for individuals managing a bank account with bad credit.

Better Online Banking Service

As digital banking becomes more integral, you might find another financial institution offering a more user-friendly and feature-rich online banking experience. This could include more advanced budgeting tools, easier account management, or superior customer support.

Royal Bank Alternatives

Exploring alternatives to RBC might reveal banks or financial institutions that more closely align with your current financial needs, whether you're looking for higher interest rates on savings accounts, more competitive loan rates, or banking services better tailored to international transactions or travel.

Preparing to Close Your RBC Account

Before you proceed with closing your RBC account, follow these important steps to ensure a smooth transition and avoid potential issues.

Checking the Remaining Balance

It's crucial to check your account's remaining balance to ensure it reaches zero before closure. RBC's online banking platform allows you to view your current balance easily. If you have funds left, consider transferring them to another account or withdrawing them.

Remember, closing an account requires managing it to a zero balance to avoid leaving a negative balance, which could complicate the closure process.

Handling Pre-Authorized Payments

Many bank accounts have automatic payments set up for utilities, subscriptions, or loans. Before closing your RBC account, you'll need to redirect or cancel any pre-authorized payments.

The process involves contacting each service provider to update your payment information to a new bank account. Failing to do so could lead to missed payments, resulting in fees or service disruptions.

Transferring Funds to a New Bank Account

Once you've managed your automatic payments and ensured your account can be brought to a zero balance, the next step is to transfer your funds efficiently. When opening a new account with another financial institution, you may be able to arrange a direct transfer of your funds from your RBC account.

Many banks offer assistance with the account opening process, making it easier to transition your financial activities without interruption. Taking these preparatory steps ensures that closing your RBC bank account is a smooth process.

How to Close Your RBC Account

Depending on your account type and balance, closing your RBC account can be straightforward. Whether you prefer to manage your banking online or in person, here's how to navigate the account closure process.

Closing Your Account Online

For certain account types, RBC offers the convenience of closing your account online, provided specific conditions are met:

  • Your account is not an Alliance, RateLink, V.I.P, Estate, Staff, or Joint 'AND' type.

  • The account has a zero balance, or you've arranged to transfer the remaining balance to another RBC account in your name.

To initiate the closure online, you can either call RBC at 1 855 960-5090 or send a secure email through the message center accessible at the top of your Online Banking Home page. If eligible, your account closure request will be processed within 5 business days.

Visiting an RBC Branch or Contacting Customer Service

If your account type is not eligible for online closure or you prefer a more personal touch, you can close your account by visiting your local RBC branch. This is necessary if:

  • You are not transferring the balance to another RBC account.

  • Your account is an Alliance, RateLink, V.I.P, Estate, Staff, or Joint 'AND' type.

A personal visit allows you to address any questions directly and ensures that all necessary procedures are followed for these specific account types.

Account Closure Fees

Be aware that RBC imposes a $15 fee for accounts closed within 16 to 90 days after opening, except when the closure involves transferring the balance to another RBC deposit or investment account. This fee is part of RBC's policy for managing account turnovers.

Confirmation of Closure

Upon submitting your closure request, RBC commits to processing it within 5 business days. You'll be notified once your account is officially closed. It's vital to remember that after your account is closed, any pre-authorized payments or cheques directed to the account will be returned.

Additionally, please note that the account listing will be removed from your Online Banking view within 30 days of closure.

Keeping Documents Backed Up

It's essential to back up all relevant banking documents before proceeding with account closure. If you receive electronic statements for the account in question, consider printing or saving them to your computer. After closure, access to these documents through RBC Online Banking will no longer be available.

This last step ensures you maintain access to your financial records for future reference or planning, safeguarding against potential needs for these documents down the line and avoiding fraud.

After Closing Your RBC Account

Your financial journey post-closure involves strategic planning and exploring new opportunities that align with your evolving financial needs.

Reevaluating Your Financial Landscape

Post-closure is an opportune time to reassess your financial standing and goals. Whether you adjust your budget or set new financial objectives, consider how changes in your financial situation influence your banking needs.

Exploring New Banking Solutions

Seek a bank that addresses past challenges, such as high fees or poor customer service. For those rebuilding credit, a bank account with bad credit can offer supportive features. Services like build your credit with KOHO can also aid in improving your credit score, opening doors to financial products tailored to your needs.

Leveraging Modern Financial Tools

Adopt advanced tools for a comprehensive view of your finances. Utilize innovative online banking, budgeting apps, and virtual credit cards for enhanced security and spending management. Consider a high-interest savings account to maximize your savings potential, ensuring your financial tools align with your goals.

Final Words

Closing your RBC account is a process that requires careful consideration and preparation, from ensuring your account balance is zero to handling pre-authorized payments and choosing the right moment for closure. This guide has walked you through the essential steps to close your account smoothly, whether online, by phone, or in person at an RBC branch.

As you move forward, this transition marks a perfect opportunity to reassess your financial landscape and explore new banking products and services that align with your current needs and future goals.

The financial market is vast, with many institutions offering diverse products designed to meet various customer needs. Take the time to research and compare the top five banks in Canada, each offering unique benefits, from lower fees and higher interest rates on savings accounts to more robust online banking services.

Note: KOHO product information and/or features may have been updated since this blog post was published. Please refer to our KOHO Plans page for our most up to date account information!

Nick Saraev

Nick is a freelance writer and entrepreneur with a particular interest in business finance. He's been featured in publications like Popular Mechanics and Apple News



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