As part of its its inaugural Reconciliation Action Plan, the Royal Bank of Canada (RBC) has unveiled a no-monthly fee bank account exclusively for Indigenous people.
The plan is based on insights from more than 400 First Nations, Inuit and Métis communities, employees and business owners.
“During our extensive engagement process, we heard about the unique systemic barriers and disproportional cost impacts that Indigenous Peoples face when seeking banking services. No monthly fee accounts are one of the cornerstones of those services,” said Chinyere Eni, Head of RBC Origins.
“Our new no monthly fee account will help provide greater access to banking services and advice, as well as a path to financial independence for more First Nations, Inuit and Métis, opening up their access to capital and participation in the economy.”
The monthly fee is being waived for Indigenous clients, based on the identification they provide to an RBC advisor or already have on file at RBC.
Key features of no monthly fee Day to Day Banking that are available to Indigenous clients include:
- 12 debit transactions of any kind per month
- No minimum balance requirement
- Unlimited e-Transfers
- Unlimited Virtual Visa Debit transactions (online purchases)
- Unlimited self-serve electronic funds transfers
- Unlimited public transit debits (on participating transit systems)
- Free online cheque image viewing
RBC also has a no fee Advantage Banking account package for full-time students or anyone 24 and younger including recent post-secondary graduates.
For youth up to age 12, RBC Leo’s Young Savers Account is a no monthly fee banking option as well as the monthly fee for Day to Day Banking accounts being rebated for seniors aged 65+ and waived for beneficiaries of Registered Disability Savings Plans (RDSPs).
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