Canada’s financial consumer regulator 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 fine of $4.25 million was levied in March and promptly paid by the bank in April.
According to the FCAC, during the period from 2001 to 2024, RBC neglected to transfer credits from deactivated credit card accounts to the new accounts of customers, leading to erroneous monthly credit card statements. The agency indicated that a total of 227,947 accounts were impacted, prompting RBC to provide refunds totaling over $22.4 million to the affected customers. Additionally, the bank made a charitable contribution of $299,000.
In response to the matter, Nathaniel Wallace, a representative from RBC, emphasized the institution’s commitment to regulatory compliance. Wallace highlighted that RBC voluntarily reported the issue to the financial consumer watchdog and has been actively cooperating with the regulator throughout the investigation.
