Canada’s financial regulatory body reports that the Royal Bank of Canada faced a penalty exceeding $4 million due to issuing inaccurate credit card statements to certain clients. The Financial Consumer Agency of Canada disclosed that a fine of $4.25 million was imposed in March and promptly paid by the bank in April.
Over the period spanning from 2001 to 2024, the FCAC uncovered instances where RBC neglected to transfer credits from closed credit card accounts to customers’ new ones, leading to erroneous monthly statements. Approximately 227,947 accounts were impacted, prompting RBC to provide refunds totaling over $22.4 million to affected individuals. Additionally, the bank made a charitable contribution of $299,000.
In response to the incident, Nathaniel Wallace, an RBC spokesperson, emphasized the institution’s commitment to meeting regulatory requirements. He highlighted that RBC voluntarily reported the issue to the financial consumer watchdog and maintained full cooperation with the regulatory body throughout the investigative process.