The Financial Consumer Agency of Canada has fined the Royal Bank of Canada over $4 million for providing inaccurate credit card statements to certain customers. The fine of $4.25 million was issued in March and promptly paid by the bank in April.
According to the FCAC, between 2001 and 2024, RBC failed to transfer credits from deactivated credit card accounts to customers’ new accounts, leading to inaccuracies in the monthly credit card statements. This affected a total of 227,947 accounts. To rectify the situation, RBC transferred and refunded over $22.4 million to the impacted customers and also made a charitable donation of $299,000.
Nathaniel Wallace, an RBC spokesperson, emphasized the bank’s commitment to regulatory compliance. He mentioned that RBC voluntarily reported the issue to the financial consumer watchdog and has been fully cooperative with the regulatory authorities throughout the investigation process.
