My 2 Sense My 2 Sense

My 2 Sense

RBC Dominion Securities RRSPs....only for the wealthy

Minumum Account Fees - May 8, 2006

Without Prejudice
RBC Dominion RRSP's I am digusted with RBC Dominion Securities Minimum Account Fee on my RRSP account.

They should be ashamed at the tone of the letter they sent out informing their clients of this ridiculous new fee, and the letter that they forced their local RBC agents to send out. They were rude, arrogant and condescending as both suggest that we eat the fee or go somewhere else. They have a lot of nerve.

I have had an RRSP account with them for about 15 years and I would like to think I deserve even a modicum of appreciation and respect. But no, in our increasingly avaricious times, they feel they

have to gouge their small investment clients to satisfy their shareholder's needs.

The true reason for the new fee is that if they increase the bottom line to their shareholders, they will be able to justify an increase in their already obscene executive salaries and an increase in stock options. After all, they have wives and families they have to keep in a style unknown to most Canadians.

I'm tending to believe that the born again Christians are right about one thing. There is a complete breakdown in morality in our society; however it has nothing to do with sex, same sex marriages and abortion. It has to do with greed and money. Both corporate and personal on the part of the CEOs.

I'm sure executives justify their remuneration by believing they are intelligent, educated and hard working and so deserve superlative compensation. Well, my plumber probably puts in more hours than they do, and the average college professor has more brains than they do.

In a time when banks are recording record profits year after year, you'd think the people who the bank depends upon, would receive some of that profit rather than be fleeced yet again. $250 is nothing, it's the principle. The Cana dian public is sick and tired of being nickel and dimed by the phone company, the gas company, the hydro company, the banks and the insurance companies who cavalierly slide by surcharges and new fees and are largely getting away with it.

Here's a little tip, life is about more than money. And you can take that to the bank!

Just my opinion,

Courtney Smith

Feel free to write, email or phone RBC Dominion Securities.

Grant Richmond
Vice President & Director
RBC Dominion Securities
200 Bay Street
P.O. Box 5 0
Roy al Bank Pl aza - South Tower
Toronto , ON M5J 2W7