Ontario Man Shocked After RBC Ends Banking Relationship
An Ontario man says he was blindsided when the Royal Bank of Canada (RBC) suddenly cut ties with him after nearly 30 years as a client.
Tomas Nassab of Alliston told CTV News he had lines of credit, investments, and family accounts with RBC, but received a letter advising that the bank would be closing all his accounts within 30 days.
The letter stated: “We are no longer in a position to continue our banking relationship with you.”
Complaints About Service Sparked Tensions
Nassab believes the closure followed complaints he made to branch managers about difficulties accessing in-person service for his investments.
“I made reasonable, tempered complaints,” he said. “Instead of better service, I was told to leave the bank.”
He described the decision as “disappointing” and said he hopes RBC will reconsider or at least explain why his relationship was terminated.
RBC Responds
In a statement to CTV News, RBC confirmed that either the client or the bank can choose to end a relationship.
“Decisions regarding client relationships are never made lightly,” RBC said, adding that when such steps are taken, customers are given time to transition to another institution.
The bank declined to comment on Nassab’s specific case.
Why Can Banks Close Accounts?
Canadian banks may close accounts for reasons such as:
Suspicion of money laundering or fraud
Policy violations
Abusive or inappropriate behaviour toward staff
Financial institutions are not legally required to explain the specific reason for ending a relationship but must give clients sufficient time to move their funds.
Customers who feel wrongfully “un-banked” can escalate complaints to the Ombudsman for Banking Services and Investments (OBSI).
Nassab’s Message
For Nassab, the experience has left him frustrated and uncertain.
“We’ve built a great portfolio and always treated the bank with respect. To be removed completely with zero explanation, it’s very disappointing,” he said.
