RBC Flex Choice Business Account Package review
- Monthly Account Fee
- $7
- Multi Currency Accounts
- CAD
- Currency Conversion Fee
- Varies
Our verdict
Take advantage of easy access to online and in-branch banking, but watch out for monthly and transaction fees.
The RBC Flex Choice Business Account Package offers the flexibility of day-to-day online and in-branch banking. There are no minimum or maximum transaction limits on the account, so you only have to pay for the transactions you perform — $0.75 per electronic deposit and $1.25 per paper transaction. And if you do your banking through RBC Online Banking, the RBC Mobile app and RBC ATMs, you can access a 40% fee discount on some transactions.
But the account does come with a $7 monthly fee, while you'll also pay a $1.50 fee each time you send an e-Transfer. So if you're looking for fee-free everyday banking or you need to perform a lot of transactions, you may want to consider other options.
Pros
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Only pay for the transactions you perform
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40% fee discount available
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Manage your account online, via mobile banking or in-branch
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Large branch and ATM network
Cons
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$7 monthly fee
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$1.50 e-Transfer fee
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Other transaction fees
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Need to visit a branch to complete your application
RBC Flex Choice Business Account Package: The basics
- Online and in-branch banking. The RBC Flex Choice Business Account Package supports both electronic and in-branch transactions.
- No minimum or maximum transaction limits. There are no restrictions on the number of transactions you can make. But a fee applies to each transaction, so you only pay for the banking you actually do.
- Unlimited Moneris deposits. This account accepts unlimited deposits, including Moneris deposits, so you can accept debit and credit card payments from customers as needed.
- $7 monthly fee. You’ll need to pay a fee of $7 per month to maintain your account.
- Deposit insurance. As RBC is a member of the Canada Deposit Insurance Corporation (CDIC), you get up to $100,000 of protection for the money you deposit in this account.
What are the benefits of the RBC Flex Choice Business Account Package?
- Pay for the transactions you make. The RBC Flex Choice Business Account Package allows you to minimize fees by only paying for the transactions you make.
- 40% discount on transaction fees. You can take advantage of a 40% fee discount on transactions made through RBC Online Banking, the RBC Mobile app and RBC ATMs. However, please note that some transactions, such as e-Transfers, are excluded from this discount.
- Nationwide branch and ATM network. You can manage your money via RBC ‘s nationwide network of over 1,100 branches and more than ATMs.
- RBC Mobile Banking. You can use the RBC Mobile Banking app to pay bills, request payments, send e-Transfers, track spending, check your balance and deposit cheques.
- Petro-Canada discounts. Link your RBC debit card to your Petro-Canada account to save 3 cents per litre on fuel and earn 20% more Petro-Points.
- Offers. RBC business banking customers can also access special offers from RBC partners in categories such as business mentorship, payroll, HR, accounting, marketing and payment processing.
What are the drawbacks of the RBC Flex Choice Business Account Package?
- Monthly fee. This account comes with a $7 monthly fee.
- Transaction fees. Electronic deposits come with a $0.75 fee per transaction, while each paper transaction attracts a $1.25 fee.
- e-Transfer fees. You’ll pay a $1.50 fee whenever you send an Interac e-Transfer from your account.
- Cash deposit fees. Cash deposits at an RBC branch attract a $2.50 fee per $1,000, while deposits made at an ATM or using the Night and Day Deposit Service come with a fee of $2.25 per $1,000.
- Application isn’t completely online. You’ll need to visit an RBC branch and verify your ID before you can open an account.
Is RBC legit?
It certainly is. RBC is one of the Big Five banks and the largest bank in Canada in terms of market capitalization. Its history dates back to the 1860s, when the bank was founded in Halifax, Nova Scotia. Today, the bank is headquartered in Toronto and is listed on the Toronto and New York Stock Exchanges.
RBC operates in 29 countries globally and has over 17 million banking clients. The bank is also a member of the Canada Deposit Insurance Corporation and has over 1,100 branches across Canada.
What should I know before I apply?
To open an RBC Flex Choice Business Account Package, you will need to meet the following requirements:
- Be the age of majority in your province or territory
- Be opening an account for your business, not someone else’s
- Be a Canadian resident
- Your company must be registered in Canada
- Your company must be a sole proprietorship or a private corporation
You can apply for an account online via the RBC website, by booking an appointment at your local branch or remotely with the help of an RBC advisor. But in order to activate your account, you’ll need to visit an RBC branch to verify your identity. You’ll need to provide government-issued ID such as a passport or driver’s licence, plus a business registration document (such as articles of incorporation, a certificate of existence or your master business licence).
How do I apply for an RBC Flex Choice Business Account Package?
You can apply for an account online by completing the following steps:
- Visit the RBC Flex Choice Business Account Package page on the RBC website and click “Sign me up”.
- Check that you meet all of the eligibility requirements and click “Continue”.
- Select whether you are a new or existing customer.
- Enter your name and contact details.
- Provide information about your business type and structure.
- Enter your personal details.
- Visit an RBC branch with the required documents to verify your identity and activate your account.
Compare other business banking accounts
Bottom line
The RBC Flex Choice Business Account Package is worth a look if you want the convenience of digital and in-branch banking, the flexibility of paying only for the transactions you need, and the peace of mind of dealing with a Big Five bank. But if you need to make lots of regular transactions, or if you just want a no-fee business chequing account, you’ll need to consider other options.
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