CanadaLife and the Royal Bank of Canada
stealing from honest people like me

Saskatoon - Saturday, February 28, 2004 - by: Eric de Santis


The other week I noticed a charge of $10.65 on my visa account for something called a BalanceProtector. I wondered why that was there since I declined this service some two years ago when somebody from the RBC (Royal Bank of Canada) gave me a phone call to offer this service which I didnít want. But on February 19/2004, I decided to give the RCB a call and see what's going on. I talked with a RBC representative and expressed my concern about being charged for a service which I declined. She mentioned to me that I have been receiving this service since August 2002. She said she would not request a refund since it is my responsibility to check each statement and make sure that it is correct. She also informed me that 99% of customers are satisfied with the service. So what is the service?




Benefits of BalanceProtector**
In the event of loss of life, loss of sight, accidental death, accidental dismemberment, or critical illness affecting either primary or spousal cardholder, BalanceProtector will pay your outstanding RBC Royal Bank Visa account balance at the time of loss in full (up to $15,000). In the event of job loss, disability and strike/lockout affecting primary cardholders, BalanceProtector will pay the greater of 5% of the outstanding balance or your minimum monthly payment to a maximum of $750 a month as of the statement date coinciding with or immediately before the date of loss.


  Wow that's great! How many people polled from the 99% have had these accidents? And if not are they truly satisfied with the service or do they even know what it is? But the point is not in being satisfied or not, it is the fact that I never wanted this service.
  Now, still conversing with the RBC representative, I made the analogy of going into the street and stealing $10.00 from a little old lady without her knowing. So according to the philosophy of the RBC and CanadaLife this act of theft is justified. This is how these two companies make so much money. They rob each and every one of us a little at a time without our knowing. If they steal $10.00 a month from all of their clients all across the country you can imagine the revenues. So what does it boil down to? Theft is wrong unless you don't notice that your money is missing.
  I'm not stopping here my friends. I have requested a voice tape recording of the conversation I had two years ago declining the service. Ok, I didn't check my statements closely, but why? I believed that my account was managed by an ethical organization working for the benefit of its customers and I trusted them. Now, the RBC representative mentioned that I was at fault because I never read the statements, thereby admitting to me as a customer that they are not trustworthy. But hey, who am I? Just one man against a pack of organized thieves. Rico Vs. Corporate thieves. I'll be back.



Eric M. de Santis



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