RBC pays penalty after over 200K Canadians affected by 'inaccurate' credit card statements
The Royal Bank of Canada (RBC) has paid a multimillion-dollar penalty after violating consumer rights under the Bank Act.
In a summary of the proceeding released on Thursday, the Financial Consumer Agency of Canada (FCAC) announced that on April 17, 2026, RBC paid the penalty of $4.25 million after the watchdog issued the bank a notice of violation on March 18, 2026.
“RBC committed one violation of its disclosure obligations under the Bank Act relating to monthly credit card statements,” reads the summary of the proceeding. “The $4.25-million penalty reflects, among other criteria, the significant harm to customers.”
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According to the FCAC, from 2001 to 2024, RBC provided monthly credit card statements to some customers that contained “inaccurate information on the amounts credited or charged, including interest, and on the dates when those amounts were posted to the accounts.”
It explained that the violation relates to RBC’s process of deactivating and migrating a customer’s credit card account to a new account after a report of fraud.
The FCAC said RBC failed to transfer certain credits from the deactivated accounts to the new ones.
“As a result, impacted customers received inaccurate monthly credit card statements, and some customers incurred additional charges,” stated the watchdog for federally regulated financial entities.
“The root cause of the violation was inadequate and ineffective control and oversight procedures and operational challenges with processes and proper reporting,” it added.
According to the summary of the proceeding, a total of 227,947 accounts were impacted financially. In response, RBC has transferred and refunded $22,427,774.30 and made a charitable donation of $299,000 for the customers who could not be located.
Check out the full summary of the proceeding.
The FCAC also recently updated rules for banks that affect customers submitting complaints.