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Wednesday, May 18, 2011

Yahoo RBC!!


RBC donates $25,000 to the Red Cross for residents of Slave Lake

CALGARY, May 18 /CNW/ - RBC Royal Bank announced today that effectively immediately RBC clients affected by the fire may defer their mortgage and personal loan payments for up to one year. Special accommodation may also be arranged for credit card payments through an RBC branch. Small business clients will also be afforded special accommodation through their account managers.

"We are deeply saddened by the devastation in Slave Lake. Our thoughts are with the residents, friends and families of this tragedy,” said Kevin Kleininger, regional vice president, Peace Country. “The well being of our employees and clients is our top priority. We hope the loan deferral program will provide peace of mind in this time of need.”

RBC has made a $25,000 donation to the Red Cross to help assist families affected in Slave Lake. The Bank is also collecting donations at all RBC locations across Canada and channelling the funds to the Canadian Red Cross to support its efforts to assist the fire victims.

“As part of the Slave Lake community, we are committed to helping it rebuild. We will work with each of our clients in the coming weeks to determine their needs and provide financial advice," said Kleininger.

RBC’s branch in Slave Lake is currently closed. Clients may access their accounts using online and telephone banking, ABMs or the closest RBC branch. Clients who have to use a competitor’s ATM machine will be reimbursed for the Interac fee by calling 1-800-ROYAL-11 or visiting any RBC Royal Bank Branch.

Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada's largest bank as measured by assets and market capitalization and are among the largest banks in the world as measured by market capitalization. We are one of North America's leading diversified financial services companies and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 56 other countries. For more information, please visit

For more information, please contact:

Nicole Fisher

RBC Public Affairs

O: 403-292-3970

C: 403-542-0617



  1. Careful here! This sounds nice but if they are just deferring the interest payments to after the year the bank will make (a lot) more money than if there had been no fire. Be sure to ask whether they are forgiving or deferring the interest. Then ask them what the total bill will be for the additional interest if you have to defer for a year.

    Because of your circumstances, of course, you may have to decide to defer your payments and it's nice that they are altering the terms of the contract to allow it. But it would feel much more like a gift and much less like predatory lending if they are forgiving the interest, too.

  2. true enough on this one...i called and was told that at this time there is no forgiveness of interest on those loans.

  3. Thank you for calling the banks on this Jennifer. I am out of country or I would have kept up with this research myself. Since I couldn't make the calls I thought it would be best if everyone was just aware of the question to ask. Hats off to ATB! I hope that everyone being aware of it it will pressure RBC into doing the right thing.

  4. Actually, ATB is not forgiving the interest. As for RBC, I understand that they are also deferring payments for up to one year and they have also sent staff to Athabasca to provide banking services. They also donated $25,000.00 to Red Cross. I would say that is stepping up! Way to go RBC, you still have my loyalty!