RBC Direct Checking Account Review
- Monthly Account Fee
- $3.95
Our verdict
Transfer funds, deposit cheques and pay bills in the US for one low monthly fee with this cross-border chequing account.
The RBC Direct Checking Account is a US account that lets you cash cheques, transfer funds and make withdrawals in US dollars. It's best-suited for customers who regularly live, travel, work or make purchases in the US. Find out more about how you might benefit from the RBC Direct Checking Account and sign up today to get started.
Pros
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Low monthly account fee
Cons
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Fees are in US dollars
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Limits on free debits
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No interest on savings
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Minimum deposit to open account
The RBC Direct Checking Account is similar to a US dollar account except with more flexibility. It allows you to transfer money between Canada and the US seamlessly, with no additional fees. You’ll also be able to deposit US cheques, pay US bills and take money out at select US ATMs without paying any extra costs. Just be aware that it will cost you US$39.50 per year to maintain this account (or $3.95 per month if you don’t want to sign up for a full year).
30-second take
- Think about this account if you want an account that lets you pay US bills and manage your US funds for a low annual fee.
- Choose something else if you rarely deal in US dollars or you want to earn interest on your account.
- There are no minimum income requirements for this account.
RBC Direct Checking Account‘s ATM network and fees
You can expect to pay a monthly fee of US$3.95 per month with the RBC Direct Checking Account(or a reduced rate of US$39.50 if you decide to sign up for a yearly contract). You’ll also pay $1 for every debit that exceeds the maximum monthly limit of 10. Debits include bill payments, cheque deposits, debit card purchases, ATM withdrawals and wire transfers.
One of the most useful perks on this account is that it allows you to withdraw money at thousands of ATMs across the US for no additional fee. You may also be able to request a refund of fees for withdrawing funds from a non-RBC ATM if you can’t find an RBC ATM nearby.
How do I open an RBC Direct Checking Account?
Eligibility requirements
To apply for an RBC Direct Checking Account, you need to meet the following criteria:
- Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
It’s easy to take money out of your account using your debit card or by visiting an RBC branch in person to speak to a teller. You’ll also be able to withdraw cash at thousands of RBC ATMs across the US and Canada. You can also make free transfers between your cross-border RBC accounts with the click of a mouse.
To put money into your account, you’ll need to deposit a cheque or a lump sum of cash. You can either do this in Canadian or US dollars, depending on whether you want to pay currency conversions fees. It’s also possible to transfer money in from an external account to load up your RBC Direct Checking Account with funds.
Compare with other chequing accounts
Finder Score for chequing accounts
To make comparing even easier we came up with the Finder Score. Welcome offers, account fees and features across 60+ chequing accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
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