HSBC Clients - Now that details out about RBC transfer are out, you going to close account or allow transfer? - Page 19 - RedFlagDeals.com Forums (2024)

Had same experience as regards my request to close some of my accounts, was told that the HSBC migration is still in progress and they have been advised that they cannot close accounts that were migrated until the migration has been completed (no timeline known for that). I think there is a system flag or something as the associate I was talking to did try to close one of my $0 savings accounts and it was not allowing her, then the more senior staffer advised of the migration being in progress still.

I am still waiting for my final HSBC invest direct statements in the mail. Isssues with RBC such as the lack of any activity showing dividends on my RBC DI account and missing securities on RBC DI (hence wanting the fnal HSBC ID statement in hand) are open issues with RBC for me.

I can say I didnt see any probs with the bank account or credit card part of my migration - it is all to do with the investments held that ive had issues and continue to await resolution. I have called multiple times and logged case numbers.

I have to say the issues have only affirmed to me my decision to move assets out of the bank to somewhere that wont disappear my funds on me.

Here2day2 wrote: ↑They are probably trying to stop the bleed of HSBC accounts being closed. I was at my HSBC home branch earlier this week and there was a heavy presence of RBC staff on site including the regional manager. I was told by the teller that they are trying to preserve relationships.

Doesn't sound good.

Maybe they should have thought of that before the migration. For the past month or so, I could've sworn their goal was to get rid of former HSBC clients as quickly as possible.

Glad I got mine closed in the days right after the migration. It was easy to close back then.

brghunter wrote: ↑Did you create a new login for your new Client Card? I had to do that because they f'd up the migration of my accounts. I had accounts in two different regions (East & West), and they weren't merged into one parent. I've spent way too long dealing with the problem and they still haven't fixed it.

I'd suggest calling the RBC-HSBC Migration 800 number posted by others.

No. I used my already existing login info. I phoned them. They said it would just take a while but everything's fine. Anyway, I just created a new login for my new card and sure enough my other accounts are there. (Hopefully this won't lead to further confusion down the road. lol)

Thanks for your help.

b33zlebub wrote: ↑I tried closing my account at a RBC branch today, but the teller said they were instructed not to close any HSBC migrated accounts until further instructions… possibly after 1-2 weeks. Wtf?

Update:
I called in and got my account closed. Good riddance. CSR said it must be at the individual branch level to not close migrated accounts. Phone in callers are able to close accounts after April 1.

jameswc wrote: ↑Had same experience as regards my request to close some of my accounts, was told that the HSBC migration is still in progress and they have been advised that they cannot close accounts that were migrated until the migration has been completed (no timeline known for that). I think there is a system flag or something as the associate I was talking to did try to close one of my $0 savings accounts and it was not allowing her, then the more senior staffer advised of the migration being in progress still.

I am still waiting for my final HSBC invest direct statements in the mail. Isssues with RBC such as the lack of any activity showing dividends on my RBC DI account and missing securities on RBC DI (hence wanting the fnal HSBC ID statement in hand) are open issues with RBC for me.

I can say I didnt see any probs with the bank account or credit card part of my migration - it is all to do with the investments held that ive had issues and continue to await resolution. I have called multiple times and logged case numbers.

I have to say the issues have only affirmed to me my decision to move assets out of the bank to somewhere that wont disappear my funds on me.

Same thing on my end
I highly suspect my transit number is not actually 04065 as all banks in AB have transit numbers ending in 9
In the meantime I continue to use the old HSBC account information with no problems having my payments or salary go through

I was able to close three accounts last week over the phone with no problem.

Our Premier RM from HSBC is working for RBC but has pretty much gone AWOL. Missed calling me several times after she said she would last week. Finally heard from her on Monday (four days later than our scheduled call). She seems overwhelmed.

She’s tried passing us over to someone in the Private Banking unit but no one has reached out as of today. Someone from Dominion Securities called, but he is so junior there is no way in hell I’m going to even consider having him on our accounts.

Meanwhile I had a very productive meeting this week with the private wealth unit from one of the other big 6 banks. Very relaxed meeting with four seasoned individuals for over two hours as they went through everything and what they can do. Private banking will be included in their package. The kicker is I’ll be paying around the same amount in fees for what appears to be a much higher level of service.

I guess we’re just too small for RBC to care about now. I’m sure they are a perfectly good bank - but they are trying to shoehorn everyone into their model rather than learning from HSBC and making things awesome.

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Here2day2 wrote: ↑I will do the same thing. What did you instruct them to do? I want to make sure that I convey the right message

I had previously downloaded all my statements from HSBC before the migration. I went through each statement (from July, 2021) and created a spreadsheet of all payments made to date on my mortgage account. When speaking to the agent, he saw that I did my homework and it was very apparent from the historical payment schedule that something was really off with RBCs calculations. He then filled out the form I alluded to previously and then made a phone call to an internal mortgage specialist staff (took a good 15 mins on hold); not sure if it was HSBC or RBC specialist that he spoke to. He then gave me his contact info for follow-up. I just checked my payment from yesterday and the new balance seems spot on with what it should be. It seems they may have fixed the problem but I'll wait for the next couple of payments to be sure as it could be just a one-time adjustment that they may have made. Fingers crossed.

Good luck and please keep us posted on your experience. I'll follow up here again after my next payment on Apr 26.

RBC should close those accounts automatically if these accounts were closed before the transaction date (the end of March). There maybe a delay, but it should not ask each customers who were no longer with HSBC to handle the account closing. It is RBC's fault if it doesn't get the updated information from HSBC after the transaction day. My parent closed the safety box before the transaction day and RBC still mail the letter indicates the relocation information of the safety box. Don't tell me that RBC still expects my parent to close the safety box again from the new RBC branch since it is impossible with the keys already returned back to the HSBC branch. Customers should not be suffered from the fault created by RBC.

b33zlebub wrote: ↑I tried closing my account at a RBC branch today, but the teller said they were instructed not to close any HSBC migrated accounts until further instructions… possibly after 1-2 weeks. Wtf?

theflyingsquirrel wrote: ↑It is a nightmare.
They cannot even get the basic function working properly. How is it possible for them to keep the high value customers (definitely not me) in this rate.
Imagine the account is stuck there for more than a year and they started charging you monthly fee and you still cannot close it.
You will need to call in each month to ask them to waive the fee and then they have technical difficulties reimbursing it.
Let's keep the hope up and wish it can be closed properly within 1 year.

Exactly
My Direct Investing account wasn't linked to my bank account for a week and I couldn't add money using the bill pay feature
Thankfully I opened an investors edge account at CIBC before the migration to get the $500 bonus, free trades, and imperial service there

Surprised at all the complaints tbh.

RBC has been fine for me, close accounts no problem with $0 balances.

Only issue I have is closing a joint vip chequing, which I don't need anymore (HSBC lied to me to make one lol) and I need to go in person.

They even rebated backwards an old annual fee for my avion infinite I has paid last year, prior to the merger, after I called to ask. (Gave me a rebate for half year, as I'll get another rebate come my visa renewal date)

Also can use my Samsung pay and HSBC couldn't.

I do miss a few things, but from a tech standpoint I find the app and website platform better on RBC than HSBC.

I'll take free vip for 12/mo, after that it's $18.95 or so, -$120 visa annual fee, I'll have to see if worth it.

I requested to transfer my HSBC Invest Direct account out and they acknowledged it via secure message before Mar20 deadline.

My holdings are still sitting in my now migrated RBC DI account. Now RBC is saying because my account is migrated to RBC, I need to ask the receiving FI to initiate a new transfer request. RBC is quick at pointing fingers at HSBC. (Um, you bought them so their problem is RBC problem now) RBC couldn't care less to make customers to do extra work to fix their mistakes. This is the kind of attitude that further support my decision to move everything out of RBC.

krn905 wrote: ↑Surprised at all the complaints tbh.

RBC has been fine for me, close accounts no problem with $0 balances.

Only issue I have is closing a joint vip chequing, which I don't need anymore (HSBC lied to me to make one lol) and I need to go in person.

They even rebated backwards an old annual fee for my avion infinite I has paid last year, prior to the merger, after I called to ask. (Gave me a rebate for half year, as I'll get another rebate come my visa renewal date)

Also can use my Samsung pay and HSBC couldn't.

I do miss a few things, but from a tech standpoint I find the app and website platform better on RBC than HSBC.

I'll take free vip for 12/mo, after that it's $18.95 or so, -$120 visa annual fee, I'll have to see if worth it.

If you are happy to pay RBC's fees, then yes it is not a bad option. However, I can't justify to pay the monthly and transaction fees that RBC is asking.

DealMarker wrote: ↑If you are happy to pay RBC's fees, then yes it is not a bad option. However, I can't justify to pay the monthly and transaction fees that RBC is asking.

what fee's?

For the first year atleast, none apply to me really.

If you have a better option I can consider for after that, im all open to look!

krn905 wrote: ↑what fee's?

For the first year atleast, none apply to me really.

If you have a better option I can consider for after that, im all open to look!

First 18 month, yes, as mandated by the Government on the deal. But I am not going to get out in the last minute.

RBC charges you even as you are closing an account. You better read up on RBC's fee schedule to see the whole picture.

DealMarker wrote: ↑First 18 month, yes, as mandated by the Government on the deal. But I am not going to get out in the last minute.

RBC charges you even as you are closing an account. You better read up on RBC's fee schedule to see the whole picture.

I just went into the branch and closed all 3 accounts that was transferred from HSBC with $0 balance. Took 2 mins. Didn't mention about the closing fee.

Dealfinder111 wrote: ↑I just went into the branch and closed all 3 accounts that was transferred from HSBC with $0 balance. Took 2 mins. Didn't mention about the closing fee.

Because we are still within the 18 month grace period.

Check the RBC fees for yourself.
https://www.rbcroyalbank.com/banking-se ... vices.html