Canada’s financial regulator has imposed a penalty 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, from 2001 to 2024, RBC neglected to transfer credits from closed credit card accounts to customers’ new accounts, leading to erroneous monthly statements. Approximately 227,947 accounts were impacted, prompting RBC to provide refunds totaling more than $22.4 million to affected individuals. Additionally, the bank made a charitable contribution of $299,000.
In response to the situation, Nathaniel Wallace, an RBC spokesperson, emphasized the bank’s commitment to regulatory compliance. Wallace stated that RBC voluntarily reported the issue to the financial watchdog and has maintained full cooperation with the regulatory body throughout the investigation.
