My loan was for $38,000 over 5 years with principal payments of $7,600 per year plus interest, 3% above prime. The total interest for the year would be approximately $500 x 12 months = $6,000 plus $7,600 principal. This sum of $13,600 would be paid once yearly in compliance with the demand installment loan contract.

This loan is consistent with seasonal employment, where your earnings are time dependent.

The Royal Bank mailed a letter to me 10 months into this loan requesting that I had monthly interest payments overdue. It was never discussed verbally or typed on this loan contract, that interest was to be paid monthly.

The Royal Bank based this argument on the terms and conditions which are relevant to the demand loan agreement or contract. The loan contract lacked sufficient details in respect to payment guidelines (monthly interest and payment dates); therefore this voided any loan terms and conditions.

I refused to agree with them; therefore, the Royal Bank seized my 32' fibreglass fishing boat which I used as security on this loan. The Royal Bank sold my boat for 50% of true market value. The loss of my boat and earnings that fall contributed to me losing ownership of my house also.

The Royal Bank sold my house well below assessment plus hired a local company to dispose of my equipment on this property. Royal Bank officials stated later that my equipment was taken to the local dump. I found out that my equipment was sold and not disposed of. Eventually, I had to file personal bankruptcy. Previous to this I had impeccable credit.

I contacted the Ombudsman (Wendy Knight, RBC Financial Group, Toronto, Ontario) who investigated my complaint. This investigation concluded that she could make no recommendation on this case and thus declined my complaint. My next step was contacting the OBSI (Ombudsman for Banking Services & Investments). They also favored the lower decision of the RBC Ombudsman.

Both organizations never contacted or questioned the loan manager (RBC) who signed this loan. These organizations are all funded by the banking industry; therefore, any investigations done by them are likely biased in favor of the banks.

The loan manager who signed this contract worked 18 years for the Royal Bank of Canada. This employee either quit or was fired by the Royal Bank of Canada.

The bottom line is the Royal Bank of Canada made a mistake at the local level that caused me financial ruin.

Join the "Grievance Committee" against Royal Bank of Canada incompetence. This comittee will pursue financial reimbursment to dissatisfied clients of the Royal Bank. Please call Paul Fraser at 902-565-3521 or email coldwaterfish@ns.sympatico.ca

Best Regards,
Paul G Fraser
Sydney, NS

If you are interested in supporting my cause, phone or e-mail :

RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, SalesI, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 ombudsman@obsi.ca