The Royal Bank of Canada (RBC) has been fined $4.25 million by a government regulator for issuing monthly credit card statements to certain customers that included incorrect information.
The violation relates to RBC’s procedure for deactivating and transferring customers’ credit card accounts to new accounts following reports of fraud for the 23 years between 2001 and 2024, the Financial Consumer Agency of Canada (FCAC) said in a summary of proceedings document.
