Canada’s financial consumer watchdog has imposed a fine of over $4 million on the Royal Bank of Canada for issuing inaccurate credit card statements to certain customers. The Financial Consumer Agency of Canada disclosed that the $4.25 million penalty was levied in March and promptly settled by the bank in April.
According to the FCAC, from 2001 to 2024, RBC neglected to transfer credits from deactivated credit card accounts to customers’ new accounts, resulting in erroneous monthly credit card statements. Approximately 227,947 accounts were impacted, prompting RBC to provide refunds totaling over $22.4 million to the affected customers. Additionally, the bank also contributed $299,000 to a charitable cause.
RBC’s spokesperson, Nathaniel Wallace, emphasized the bank’s commitment to regulatory compliance. Wallace stated that RBC voluntarily reported the issue to the financial consumer watchdog and has been actively cooperating with the regulatory authorities during the investigation process.