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RBC Fined for Credit Card Errors
Description
RBC just paid a $4.25 million fine after screwing up credit card statements for 228,000 customers over 23 years — failing to transfer old credit balances to new accounts. They’ve since refunded $22 million, transferred missing credits, and donated $300K to charity. The Financial Consumer Agency of Canada handed down the penalty, praising RBC for self-reporting and cooperating. It’s a wake-up call: even giants can mess up — and regulators are watching.
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