Royal Bank of Canada ordered to pay $4.25M penalty for consumer violation | Spyke

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Royal Bank of Canada ordered to pay $4.25M penalty for consumer violation

Royal Bank of Canada ordered to pay $4.25M penalty for consumer violation

https://www.ctvnews.ca/canada/article/royal-bank-of-canada-ordered-to-pay-425m-penalty-for-consumer-violation/Open link View original on lemmy.ca

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FYI, that’s less than 2 hours of profit for RBC.

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Rbc has revenue around 66 billion. 4 million is 0.00606% of their revenue.

This would be the equivalent of a $4 fine for a Canadian making median income.

They were fined 4$.

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Fines are just fees for crime.

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And 4 million is not even a fee, it's a small tip

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According to a summary of proceeding released Thursday by the federal agency, RBC violated a consumer provision by failing “to transfer credits from deactivated credit card accounts to customers’ new accounts.”

“As a result, these customers received inaccurate monthly credit card statements, and some customers incurred additional charges,” the Financial Consumer Agency (FCAC) said.

The FCAC said the violation occurred when RBC deactivated and migrated customer’s credit card accounts to a new one when fraud was reported.

Between 2001 to 2024, a total of 227,947 accounts were impacted by the violation, the federal agency said.

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Royal Bank of Canada ordered to pay $4.25M penalty for consumer violation | Spyke