Canada’s financial consumer watchdog has disclosed that the Royal Bank of Canada faced a penalty exceeding $4 million for distributing inaccurate credit card statements to certain customers. The Financial Consumer Agency of Canada imposed a fine 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, leading to erroneous monthly credit card statements. The agency reported that a total of 227,947 accounts were impacted, prompting RBC to provide over $22.4 million in refunds to affected individuals. Additionally, the bank contributed $299,000 to a charitable cause.
Responding to the issue, Nathaniel Wallace, a representative for RBC, emphasized the institution’s commitment to regulatory compliance. He noted that RBC proactively informed the financial consumer watchdog about the incident and cooperated fully with the regulatory body throughout the investigation.
