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RBC Bank vs Me

Hey all,

Just thought I'd pass this along. Some time ago I set up a Royal Embassy account. This is an account held with the RBC Bank in the US (not a Canadian US funds account). I did this so I could have an account that could be linked with Coinbase because I wanted to play around with Coinbase and get familiar with it.

I created the account successfully, and sent a small amount of money to it ($75, as I recall). I linked the account to my Coinbase account and was able to successfully send 1 transaction of $50 to fund my Coinbase account. I left some money behind because the account fees are around $4/month and I wanted to ensure I'd be able to keep current with my fees for a while. I have not conducted any other business or transactions out of this account.

Last week I received a letter from RBC Bank informing me that they are ending their banking relationship with me. The letter offers no explanation as to why. To my knowledge, I have not violated any policies or regulations. After playing phone tag for a bit with Royal Bank, today I was able to talk with a representative that insisted she could not provide any additional information, but did confirm that RBC Bank had made its decision and that the account would be closed. When I pressed the matter, I was informed that I could appeal to their company ombudsman, but that she really did not expect the decision would be reversed.

I'm really not sure what prompted this decision, and they are not willing to provide any clarification at all, but given that the sole transaction I conducted was to send $50 to Coinbase, I can only assume that it's related to the bank's position on Bitcoin.

So just a heads up. The fight is on brothers 'n sisters. :) I'm not broken hearted about losing this account (though I am now prohibited from holding an account with RBC Bank for 7 years). But I thought that the community might like to know about it.


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