RBC fined $4.25M for inaccurate credit card statements
The Financial Consumer Agency of Canada issued the fine in March for wrong information on statements between 2001 and 2024. Over 227,000 accounts were affected.
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Canada's financial consumer watchdog has fined Royal Bank of Canada $4.25 million for providing inaccurate credit card statements to customers over more than two decades.
The Financial Consumer Agency of Canada issued the fine in March, which RBC paid in April. The bank provided credit card statements with wrong information about amounts credited or charged between 2001 and 2024.
A total of 227,947 accounts were affected. RBC transferred and refunded more than $22.4 million to impacted customers.
Nathaniel Wallace, a spokesperson for RBC, said the lender takes its regulatory obligations seriously. "RBC self-reported the matter to the financial consumer watchdog and that RBC has fully co-operated with the regulator throughout the process."
