PRLog (Press Release) – Aug 13, 2010 – (I-Newswire) August 13, 2010 - The RBC Class Action was filed in the Ontario Superior Court on August 10, 2010. In the Statement of Claim, File No. 10-0844, the Plaintiffs are asking the Court for $500,000,000 in damages on behalf of former loyal customers of RBC.
The class includes everyone yet to be named in Canada who have entered into various financing agreements such as personal loans, student loans, line of credits, credit card loans, mortgages, et cetera.
The plaintiffs allege that RBC is returning payments for loans and mortgages, and/or changing interest rates and/or terms in order to manufacture foreclosures. This practice is allegedly done in order to gain a profit from the foreclosures.
|RBC sued for predatory practices, falsified foreclosures|
|Written by Administrator|
|Tuesday, 01 February 2011 16:50|
FOR IMMEDIATE RELEASE
After allegedly generating an undisclosed and unauthorized deficiency loss, RBC may issue what may be a "frivolous" claim to it's insurer and may stand to possibly profit from the foreclosure.
Canada's largest bank is at the top of the list for enforcement agents at the Securities Exchange Commission who are pursuing financial institutions implicated in the collapse of the $330-billion auction-rate securities market, according to two federal officials as reported in the Financial Post.
On November 1, 2008 RBC said that it would no longer allow it's customers to send their complaints to the OBSI. The OBSI continues to resolve RBC investment complaints, but not it's banking complaints. ADR Chambers, a company that was hired to independently resolve RBC client's disputes instead of OBSI, is paid for by the Royal Bank of Canada.
Until early November 2008 all mistreated RBC customers had the right to appeal to the Ombudsman for Banking Services (OBSI) and Investments the same as customers of Canada's other four major banks. The OBSI was created in 1996 to handle banking complaints for Canadians. The five Major Banks of Canada set up and pay for this voluntary system in order to discourage Canada's Federal government from creating a federal banking ombudsman.
Despite the high profit of all 5 major banks in Canada in 2009, RBC has sought by unjust enrichment and unfair business practices to take unfair advantage of it's loyal customers and their families. Without warning, no written notification or customer agreement, RBC increases the interest rates of loans, mortgages, and VISA accounts.
Terms and number of payments are changed without a written notice. Some of the third party collection agents criminally harass RBC customers by using undue force to smash the doorbells or the door repeatedly late in the evening. RBC Property managers such as Home Alone Property Management Services Ltd. break screen doors or windows to trespass in peoples homes in order to change the locks.
In this manner RBC forces their formerly loyal customers to default on their loans, mortgages and VISA payments by refusing to accept payments.
In the process of foreclosure, RBC seizes businesses, homes, farms, income earning property such as commercial fishing boats, commercial fishing licenses, technical property and even personal items like childrens' toys. Families are left homeless, with no income and their lives are devastated.
Moreover, the Royal Bank of Canada, routinely neglects to transfer customer's funds by preauthorized payments or cheques, and instead pays themselves their own service charges, triggering extra service charges and NSF charges because the account becomes over limit causing payments of bills to be defaulted and cheques to be returned NSF to creditors.
Former students of Colleges, Universities and Trade Schools are targeted who are having problems paying their student loans to RBC after graduation, due to financial hardship. RBC them turns over their Student loan accounts to RBC designated third party collection agents.
RBC refuses to make reasonable arrangements with their student loan customers to reduce the amount payable in order make it more affordable for restricted budgets of people experiencing financial hardship.
Collection agents threaten these Student loan customers with foreclosure. First time graduates have difficulty with these aggressive and unscrupulous collection companies.
The problem of the targeting of RBC student loan clients suffering financial hardship is so large in Canada that there is a specialized students complaint board on the Internet that handles exclusively, complaints by student loan customers of RBC and the other banks.
When RBC clients refuse to be pressured into agreeing to pay predatory lending rates, RBC becomes ruthless and turns their accounts over to collections.
Customers who try to obtain help from the Royal Bank Ombudsman are often treated in an arbitrary, biased and unfair manner.
Most of the decisions reached by the RBC Ombudsman are in favour of RBC and against the client.
By restricting the complaints by RBC customers to an "inhouse" mediator, RBC exerts total control over the injustice perpetrated by it's unfair and predatory lending practices and in fact seeks to cover up the problem created for families all across Canada.
Numerous frustrated customers, some of whom have lost everything they own including their means of earning a living, are posting their complaints on the internet, notice boards, blogs and web sites.
Paul Fraser a former loyal RBC customer, lost not only his home after RBC foreclosed on his loan, but also his commercial fishing boat which was used as security.
Without his commercial fishing boat, Paul Fraser had lost his means of supporting his family guaranteed by the Canadian Charter of Rights and Freedoms and the Canadian Bill of Rights. He was not able to pay his mortgage and was forced into default by the unjust and ruthless actions of the Royal Bank of Canada.
The predatory actions of RBC, set off a chain reaction in Paul Fraser's life. Mr. Fraser fought in every way he could legally, to protect his family and his legal right to be treated fairly and equitable. Predictably, the RBC ombudsman, Wendy Knight ruled in RBC's favour and against Paul Fraser. Then he appealed that decision to the OBSI, which at that time was the highest level available. The OBSI ruled in favour of RBC, and against Paul Fraser.
Now years later, Mr. Fraser continues to fight legally for his rights and to obtain compensation for all the financial and emotional damage that was done to his family by the cut throat lending practices of Royal Bank.
Moreover, Mr. Fraser seeks to warn unsuspecting Canadians about the unscrupulous lending practices of RBC in his campaign to encourage people to boycott RBC.
To accomplish his goal to help prevent others from being devastated by RBC, Paul Fraser has made numerous professional outdoor signs. In addition, Mr. Fraser parks his car in front of various RBC branches, with a message painted on it, warning people that what RBC did to him, they can do to you too.
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