{"id":762641,"date":"2026-06-26T15:00:08","date_gmt":"2026-06-26T15:00:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/762641\/"},"modified":"2026-06-26T15:00:08","modified_gmt":"2026-06-26T15:00:08","slug":"rbc-fined-4-25-million-over-incorrect-credit-card-statements","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/762641\/","title":{"rendered":"RBC fined $4.25 million over incorrect credit card statements"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.cbc.ca\/a\/assets\/texttospeech.svg\" alt=\"Text to Speech Icon\" width=\"44\" height=\"44\"\/><\/p>\n<p>Listen to this article<\/p>\n<p>Estimated 1 minute<\/p>\n<p>The audio version of this article is generated by AI-based technology. Mispronunciations can occur. We are working with our partners to continually review and improve the results.<\/p>\n<p>Canada&#8217;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.<\/p>\n<p>The Financial Consumer Agency of Canada says it issued a fine of $4.25 million in March, which the bank paid in April.<\/p>\n<p>Between 2001 and 2024, the FCAC says RBC failed to transfer credits from deactivated credit card accounts to customers&#8217; new ones. This resulted in incorrect monthly credit card statements. <\/p>\n<p>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.<\/p>\n<p>Nathaniel Wallace, a spokesperson for RBC, says the lender takes its regulatory obligations seriously.<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"Listen to this article Estimated 1 minute The audio version of this article is generated by AI-based technology.&hellip;\n","protected":false},"author":2,"featured_media":762642,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48],"class_list":["post-762641","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/762641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=762641"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/762641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/762642"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=762641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=762641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=762641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}