Can I move my RBC Mortgage?
Great blog by fellow broker Rob Campbell. Very well said, enjoy the read.....
Just over the past week, The Royal Bank of Canada has been splashed all over the headlines in regards to their business practices.
Their handling of current employees being let go and replaced with temporary foreign workers has left MANY Canadians in an uproar. Many feel that they have been somehow betrayed by their beloved Bank for doing such a crazy thing.
Lets be honest here folks, there is only one reason that RBC or any other business turns on their lights in the morning: Money.
BUT, before I get into that…I wanted to address what I am seeing out there in regards to current RBC Mortgage holders. Many are saying that once they are up for renewal, they will then make the switch.
MAKE THE SWITCH NOW
If you truly feel that betrayed, that disgusted by what your lending institution is doing on a day to day basis within their business model, just move your business.
Many believe that they have to wait until their mortgage renewal to do so…..nope:
If you want to figure out what your penalty might be to transfer out now, here are the big lending institutions (just in case you’re with another lender) and their penalty calculators:
TD Canada Trust
Now, lets talk about the future of Canadian lending.
Why is it that The Big 6 can STILL report quarterly profits for their shareholders while interest rates are so crazy low?
Since the margin of profit is being squeezed due to rock bottom interest rates, they have to look at more creative ways at squeezing some profit out of you. These are generally found in the most common areas like transaction fees, account fees, oh…and hiring cheaper labour off-shore instead of paying a Canadian citizen to do it. Just watch how creative these sources of profit become as rates remain low for the next few years.
Don’t, not even for a second, think you are any more than just a number. The days of your local branch being filled with lifetime employees and core members of the community are gone in my opinion. Many branches are now stepping stones before being transferred to another location, then another.
I personally know many branch employees and they are ALL very good people. Big hearts, great morals, etc. I’m not knocking the players…I’m knocking the game.
Its about profit. Money. And the more money they make from you, the more money they get rewarded.
RBC’s CEO is currently being paid $12.6 Million per year.
TD’s is being paid $10.7 Million.
Still feel good about going into your branch?