Canada’s financial consumer watchdog has disclosed that the Royal Bank of Canada faced a fine exceeding $4 million due to inaccuracies in credit card statements provided 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 reported that 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. To rectify the situation, RBC processed transfers and refunds totaling over $22.4 million for the affected individuals. Additionally, the bank contributed $299,000 to charity.
Responding to these findings, Nathaniel Wallace, an RBC spokesperson, emphasized the institution’s commitment to regulatory compliance. He stated that RBC voluntarily disclosed the issue to the financial consumer watchdog and has maintained full cooperation with the regulatory body throughout the investigation.