Canada’s financial consumer watchdog has announced that the Royal Bank of Canada (RBC) incurred a fine exceeding $4 million for issuing inaccurate credit card statements to certain customers. The Financial Consumer Agency of Canada imposed a penalty of $4.25 million in March, which the bank promptly settled in April.
During the period spanning from 2001 to 2024, the FCAC disclosed that RBC neglected to transfer credits from deactivated credit card accounts to the customers’ new accounts, leading to erroneous monthly credit card statements. This oversight impacted a total of 227,947 accounts. To rectify the situation, RBC facilitated transfers and refunds totaling over $22.4 million for the affected customers. Additionally, the bank made a charitable donation of $299,000.
Nathaniel Wallace, a representative for RBC, emphasized the institution’s commitment to regulatory compliance. He mentioned that RBC proactively reported the issue to the financial consumer watchdog and cooperated fully with the regulatory body throughout the investigative process.