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Canada’s financial consumer watchdog says the Royal Bank of Canada was fined more than $4 million for providing inaccurate credit card statements to some customers.
The Financial Consumer Agency of Canada says it issued a fine of $4.25 million in March, which the bank paid in April.
Between 2001 and 2024, the FCAC says RBC failed to transfer credits from deactivated credit card accounts to customers’ new ones. This resulted in incorrect monthly credit card statements.
The agency says a total of 227,947 accounts were affected and that RBC transferred and refunded more than $22.4 million in refunds for those affected. The bank also made a $299,000 charitable donation.
Nathaniel Wallace, a spokesperson for RBC, says the lender takes its regulatory obligations seriously.
He says RBC self-reported the matter to the financial consumer watchdog and that RBC has fully co-operated with the regulator throughout the process.
