Canada’s financial consumer watchdog has imposed a hefty fine of $4.25 million on the Royal Bank of Canada for issuing inaccurate credit card statements to certain customers. The Financial Consumer Agency of Canada disclosed that the penalty was paid by the bank in April following its issuance in March.

During the period from 2001 to 2024, the FCAC revealed that RBC neglected to transfer credits from deactivated credit card accounts to customers’ new accounts, leading to discrepancies in the monthly credit card statements. A total of 227,947 accounts were impacted by this oversight. In response, RBC has refunded over $22.4 million to the affected customers and also made a charitable donation of $299,000.

Nathaniel Wallace, a representative for RBC, emphasized the institution’s commitment to upholding regulatory standards. He stated that RBC proactively reported the issue to the financial consumer watchdog and has been fully cooperative with the regulatory body throughout the investigation process.