Royal Bank has introduced a new high volume transaction account that offers significant cost savings for those Canadians who rely upon the convenience of debit cards for everyday transactions.
For a flat monthly fee of $11.95, the new RBC No Limit Account lets account holders make as many debit card purchases in Canada as they want
The account includes the following range of transactions:
- debit card purchases;
- cash withdrawals at RBC banking machines;
- bill payments at RBC banking machines;bill payments through online banking;
- funds transfers through online banking;
- funds transfers through telephone banking;
- pre-authorized payments;
- cash withdrawals, transfers, and bill payments in branches; and
- cheque writing.
“Today, it’s easy to withdraw money at convenient times and places, so people tend to debit their accounts more often,” said Doug Collins, vice-president, Consumer Accounts & Payment Services. “The RBC No Limit Account is the ideal product for people who debit their account often and responds to the way Canadians want to do their banking.”
According to industry statistics, Canadians used their debit cards more than 3 billion times in 2005 — an average of 95 times a second for every hour of every day. Active account users, who complete upwards of 90 transactions in any given month would save over $33 by using RBC No Limit, instead of paying for each transaction individually.