Canada’s financial consumer watchdog has disclosed that the Royal Bank of Canada faced a fine exceeding $4 million due to discrepancies in credit card statements sent to certain customers. The Financial Consumer Agency of Canada imposed a penalty of $4.25 million in March, which the bank settled 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 statements.
A total of 227,947 accounts were impacted by this oversight, prompting RBC to provide over $22.4 million in refunds to affected customers. Additionally, the bank contributed $299,000 to a charitable cause. Nathaniel Wallace, an RBC spokesperson, emphasized the bank’s commitment to regulatory compliance by highlighting their self-reporting of the issue to the financial consumer watchdog. Wallace affirmed that RBC has cooperated fully with the regulatory body throughout the investigation.