Canada’s financial consumer regulator has imposed a penalty of over $4 million on the Royal Bank of Canada for issuing inaccurate credit card statements to certain clients. The Financial Consumer Agency of Canada disclosed that the fine of $4.25 million was levied in March and promptly settled by the bank in April.
According to the FCAC, RBC neglected to transfer credits from closed credit card accounts to customers’ new accounts between 2001 and 2024, leading to inaccurate monthly statements. This oversight impacted a total of 227,947 accounts, prompting RBC to reimburse over $22.4 million to the affected customers. Additionally, the bank also contributed $299,000 to charity.
In response to the incident, Nathaniel Wallace, a representative for RBC, emphasized the institution’s commitment to fulfilling its regulatory responsibilities. Wallace highlighted that RBC voluntarily reported the issue to the financial consumer watchdog and cooperated fully with the regulatory body during the investigation.