Canada’s biggest bank teaches young clients a lesson on trusting big banks

An RBC spokesman said by e-mail that the bank routinely converts Leo account holders to a recommended product in the year they turn 14.The Leo’s Young Savers Account from Royal Bank of Canada is a nice little intro to the banking world for kids aged 13 and under.

Page 2 of the letter offers a comparison of the Leo account and the RBC Day to Day Savings account. It’s a marvel of bankerly obliviousness. To start, you get one free debit a month and pay $2 for extras on top of that ungenerous allotment. Interac e-transfers cost $1 each, which is ironic because RBC has been a leader in the Canadian banking sector in making e-transfers available at no cost in its chequing accounts.

“The recommendation is based on the account holder’s transactional history to ensure the right product for them and we encourage them to contact their branch or the contact centre with any questions on the new account type, or other alternative options,” the spokesman wrote.

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