Canada’s financial consumer watchdog has imposed a penalty 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 fine of $4.25 million was levied in March and promptly paid 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, leading to erroneous monthly credit card statements. This oversight impacted a total of 227,947 accounts. In response, RBC rectified the situation by transferring and reimbursing over $22.4 million to the affected customers. Additionally, the bank made a charitable contribution of $299,000.
Nathaniel Wallace, an RBC spokesperson, emphasized the institution’s commitment to regulatory compliance. He noted that RBC proactively disclosed the issue to the financial consumer watchdog and has cooperated fully with the regulator throughout the investigation.
