Jul 8, 2026
If you don’t routinely comb through your credit card statement, a new fine levied against RBC is a solid lesson in why you should. A new enforcement action against Canada’s largest bank is a reminder that even routine account errors can add up.
The Financial Consumer Agency of Canada (FCAC) has fined RBC $4.25 million after finding the bank issued inaccurate credit card statements to nearly 228,000 customer accounts. The issue arose when some customers received replacement credit cards after reporting fraud, but certain credits weren’t transferred correctly to the new accounts.
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RBC said it self-reported the issue to the regulator and fully cooperated with the investigation. The bank has since refunded more than $22.4 million to affected customers, while another $299,000 was donated to charity on behalf of customers who could not be located.
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What happened?
According to the FCAC, the errors occurred between 2021 and 2024 when some customers had their credit cards deactivated following suspected fraud.
When replacement cards were issued, certain credits from the old accounts weren’t properly carried over to the new ones. As a result, some customers received inaccurate monthly statements and, in some cases, incurred additional charges.
A total of 227,947 accounts were affected.
The regulator said the problem stemmed from inadequate operational controls and oversight within the bank.
“Accurate disclosure is a foundational element of the consumer protection provisions of the Bank Act,” the FCAC said in its decision. “For consumers to make informed financial decisions, they must be provided information that is accurate.”
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5 things to check on your next credit card statement
While RBC has already refunded affected customers, the case offers a useful reminder to review your statements carefully — particularly after any changes to your account.
1. Check that refunds and credits have been applied
If you’ve recently returned an item, disputed a charge or received a statement credit, make sure it appears on your account. Missing credits can affect both your balance and the interest you’re charged.
2. Review your statement after receiving a replacement card
If your credit card has been replaced because it was lost, stolen or compromised by fraud, compare your first statement with the last one from your previous card. Outstanding credits, payments and balances should transfer correctly.
3. Look for unfamiliar fees or interest charges
An incorrect balance can sometimes trigger extra interest or fees. Even small errors are worth questioning if something doesn’t look right.
4. Pay extra attention after switching products or accounts
Any time your bank moves you to a new credit card or account, it’s worth checking that previous transactions, automatic payments and credits have all carried over properly.
5. Report problems as soon as you notice them
If you think your statement contains an error, contact your bank promptly. Keep copies of your statements and any correspondence until the issue has been resolved.
A reminder that mistakes can happen
The RBC penalty is one of the largest announced by the FCAC this year and follows another enforcement action against BMO over incorrect fees charged on some personal bank accounts.
The two cases involved different issues, but they illustrate the importance of routinely checking over your credit statements and credit report, too.
Most errors are minor, and many are resolved quickly once they’re identified. Still, taking a few minutes each month to review your credit card statement can help catch missing credits, incorrect charges or other problems before they become more expensive to fix.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
