Canada’s financial consumer watchdog has revealed that the Royal Bank of Canada (RBC) faced a fine exceeding $4 million due to issuing inaccurate credit card statements to certain customers. The Financial Consumer Agency of Canada imposed a penalty of $4.25 million in March, which RBC promptly paid in April.
According to the FCAC, from 2001 to 2024, RBC neglected to transfer credits from inactive credit card accounts to customers’ new accounts, leading to incorrect monthly statements. The agency disclosed that a total of 227,947 accounts were impacted by this oversight. RBC took corrective action by transferring and refunding over $22.4 million to affected customers and also making a charitable donation of $299,000.
In response to the incident, Nathaniel Wallace, an RBC spokesperson, emphasized the bank’s commitment to fulfilling regulatory requirements. Wallace stated that RBC voluntarily reported the issue to the financial consumer watchdog and cooperated fully with the regulatory investigation process.