Thursday, October 07, 2010

RBC Student Loan Woes (Bitch bitch bitching ahead)

If I had a time machine, I would go back to the day I got my very first student loan... after waiting in line for 3+ hours at financial aid, I got up to the counter, and was told I had to choose a bank that my loan would go through. Impulsively, I said "Royal Bank". RBC had a branch right between school and my house, and was a few blocks closer than, say, CIBC or Scotia. My own bank, TD didn't handle student loans.

So, really, I picked my lender (correct that--administrator. The government was lending me money through RBC) based on convenience and a soupcon of laziness. I went down that day and opened an account.

Big mistake. If I had that time machine, I would materialize in front of my 19 year old self and tell her two things: 1) Don't spend your 20's freaking out about how OLD you're getting and how you're not ACCOMPLISHING anything, and (2) Walk the extra two blocks and avoid RBC like the plague.

It's my day off. I decided to take a trip to my RBC branch to clear up something I've been trying to deal with for years-- wanting to see my principal balance with my online accounts. Every person I talk to attached to RBC tells me something different-- I can't do it, yes I can if I make a payment online, no the payment online won't work, it's impossible, I have to go back to Ontario and open a bank account, etcetera. Until finally I was told (by the REAL Royal Bank, not their student loan centre) that if I went to my branch and spoke to an account manager, they could somehow merge all my information.

Here's the thing: I pay back my loans. I realize that there are a lot of people who default on their student loans. I'm not one of them. In fact, over the last 9 years, my average income has probably been around $20,000. Yet I've somehow managed to pay back RBC $27,000 in that time. So I don't appreciate them treating me like a deadbeat when I call them (maybe three times a year) to ask them some questions. My experience with Royal Bank? Initiating contact with them and immediately being told I'm wrong, usually for following their instructions, or asking for clarification on information they gave me.

It sucks. They suck. And there's no recourse. Because what are you going to do? Just pay off your loan, deadbeat, and get out of here. Which is totally my plan. I've seriously considered putting the remainder of my student loan on my line of credit, just to never have to deal with RBC again. The interest rate would kill me. But never having to talk to them? Ever? Sounds priceless to me.

And being able to see my balance online? Well... the receptionist told me it was impossible. I said I didn't understand why not. Then she said it might be possible... and sent me to someone who said it could absolutely be done, it was just a form that needed to be filled out. Then he called me later and said, sorry, it's impossible, but here's the National Student Loan Centre phone number, and I could just arrange to have a pin number and check my balance over the phone without having to talk to anyone. Why didn't anyone offer me this option at any time over the last five years? He doesn't know, but would I be interested in discussing my financial future with Royal Bank products? No thanks.

Called in to set up my pin-- asked a question about why their system said my next payment isn't scheduled until December. Got told "You paid an extra dollar in August so it bumped your payment."
Me: "I'm sorry, that doesn't make sense. Why would it bump October's payment?"
RBC: "It just bumped it."
Me: "I don't know what that means."
RBC: "That's just our system."
Me: "But why--"
RBC:"We have no control over our system, ma'am."
Me:"Can you please not raise your voice with me?"
RBC:"I'M NOT RAISING MY VOICE!"

Honest, I was nice and civil and everything.

But dude, seriously. You have no control over your system? Your system is running amok, rescheduling payments at will? Shouldn't this have been a headline in the Financial Post?

I wish there was some theatrical way to exact revenge. Dramatize a series of my conversations with RBC and post it on YouTube. I used to have fantasies about paying off my entire loan in pennies, just backing a dumptruck up to Royal Bank headquarters and letting fly.

Anyone else have student loan woes?

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