BUSINESS

RBC Backtracks On Fee Change After Hearing From Customers

05/22/2015 12:15 EDT | Updated 05/22/2016 05:59 EDT
Bloomberg via Getty Images
Royal Bank of Canada (RBC) signage is displayed at the Royal Bank Plaza in Toronto, Ontario, Canada, on Thursday, Dec. 18, 2014. Royal Bank of Canada Chief Executive Officer David McKay said U.S. moves to normalize relations with Cuba present an opportunity for the lender to return to the Caribbean nation. Photographer: Kevin Van Paassen/Bloomberg via Getty Images
TORONTO - The Royal Bank is backing off on its plan to charge customers a fee to make credit card, loan and mortgage payments under certain circumstances.

The big bank (TSX:RY) says it has listened to client feedback and reversed its original decision to include those transactions in a customer's monthly limit of free debit transactions.

The change means mortgage and loan payments, investment contributions and credit card payments will not count towards a customer's monthly limit.

Customers who have accounts with unlimited debit transactions would not have been affected.

Royal Bank was widely criticized for the new charge that was part of a broader change to the fees it charges customers.

The NDP has called on Ottawa to ban so-called "pay-to-pay" fees by Canada's big banks.

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