Royal Bank Frustration Stories - paying stud loan from USA

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paying stud loan from USA

Printed From: CanadaStudentDebt.ca
Category: Dealing with the Banks!
Forum Name: Royal Bank Frustration Stories
Forum Description: Tell us about the Royal Bank treatment
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=4815
Printed Date: 20/April/2024 at 12:32pm
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Topic: paying stud loan from USA

Posted By: gonkgrad01
Subject: paying stud loan from USA
Date Posted: 31/March/2008 at 8:25am

My student loan (Canada/Ontario) are in good standing and I have been paying off. I created an issue for myself that keeps getting muddier though. I moved to the USA in Jan 2006 - and have been here since. In order to continue paying my student loan - I had to maintain my RBC Canada bank account (fees included), then open an RBC Centura (Essentially RBC usa) account (fees also included), so I can then transfer money from my local USA bank account to the RBC Centura one, then online - transfger the money into my Canadian account so that the automated monthly payment comes out and I remain in good standing.

If you have followed that - then I thank you for listening. If your saying (WTF) with me now..thanks as well. I essentially - to make my regular payment on my student loan, maintain 2 banks account - seperate from my main bank account and cover the fees (roughly $6 a month). I'd really like to shutdwon my RBC canada account - as why do I need it now being here..and the Centura one..however, they keep telling me I have to make that automated payment from my RBC Canada account..and now, RBC Canada as of May 1, 2008 is telling me my pay-as-you-go account where it is .50 a transaction..essentially my 1 stud loan payment out of there...will be eliminated as an account option and ill be forced to pay a $4 monthly account fee..there are no other options that are cheaper or pay as you go...does this make any sense..2 accounts, 2 bank fees per month to pay 1 loan payment? obviosuly i am not in the positon to pay it off entirely or get a loan to do so and pay the loan off here...help!!

agghhh..someone please help!!!

Replies:

Posted By: sharpetorium
Date Posted: 20/May/2009 at 4:04pm

Wow, complicated! This is over a year late and more than a dollar short, but I'm also in the US and pay from here. I send them a two cheques every month -one for each loan- drawn from my account here. On each, I write "US FUNDS" on each and I've never had a problem.

No charges from either them or from my US account, other than that the mail system sucks and they sometimes are a few days late, so extra interest.

Posted By: administrator
Date Posted: 24/May/2009 at 6:34am

I have on occaision recieved a US cheque... they convert it and deposit it on the spot. Make sure the cheque clearly says US funds...

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