The Royal Bank of Canada has been fined over $4 million by Canada’s financial consumer watchdog for distributing inaccurate credit card statements to certain customers. The Financial Consumer Agency of Canada imposed a fine of $4.25 million in March, which the bank settled in April.
From 2001 to 2024, the FCAC found that RBC failed to transfer credits from closed credit card accounts to customers’ new accounts, leading to discrepancies in monthly statements. A total of 227,947 accounts were impacted, prompting RBC to refund over $22.4 million to affected individuals. Additionally, the bank made a charitable donation of $299,000.
Nathaniel Wallace, an RBC spokesperson, emphasized the institution’s commitment to regulatory compliance. He mentioned that RBC voluntarily disclosed the issue to the financial consumer watchdog and cooperated fully with the regulatory investigation.