Canada’s financial consumer watchdog has revealed that the Royal Bank of Canada (RBC) incurred a fine exceeding $4 million due to the provision of inaccurate credit card statements to certain customers. The Financial Consumer Agency of Canada (FCAC) imposed a fine of $4.25 million in March, which RBC promptly 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 the issuance of erroneous monthly credit card statements. This oversight affected a total of 227,947 accounts. In response, RBC facilitated transfers and refunds totaling over $22.4 million for the impacted customers. Additionally, the bank made a charitable donation of $299,000 in acknowledgment of the lapse.
Nathaniel Wallace, an RBC spokesperson, affirmed the bank’s commitment to regulatory compliance, emphasizing that RBC voluntarily disclosed the issue to the FCAC. Wallace further stated that RBC has maintained full cooperation with the regulator throughout the investigation process.