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 bank settled the $4.25 million penalty in April following its issuance in March.
According to the FCAC, RBC neglected to transfer credits from deactivated credit card accounts to customers’ new accounts between 2001 and 2024, leading to erroneous monthly statements. The agency revealed that 227,947 accounts were impacted, prompting RBC to provide refunds totaling over $22.4 million to those affected. Additionally, the bank made a charitable donation of $299,000.
In response to the incident, Nathaniel Wallace, an RBC spokesperson, emphasized the bank’s commitment to fulfilling regulatory responsibilities. Wallace highlighted that RBC voluntarily reported the issue to the financial consumer watchdog and has been fully cooperative throughout the investigative process.