The Financial Consumer Agency of Canada (FCAC) fined Royal Bank of Canada $4.25 million for providing inaccurate credit card statements. The FCAC issued the penalty in March. RBC paid the penalty in April. Violations spanned from 2001 to 2024.
RBC failed to transfer credits from deactivated credit card accounts to new ones. This often followed customer fraud reports. The error led to incorrect monthly statements. Some customers also incurred additional charges. The FCAC identified "inadequate and ineffective control and oversight procedures" as the root cause.
The issue impacted 227,947 accounts. RBC refunded over $22.4 million to affected customers. An RBC spokesperson noted the bank self-reported the matter to the FCAC. RBC also fully cooperated with the agency's process.