Royal Bank announced today that it is refunding about $9.2 million to 152,000 customers who were charged a separate fee for a service that should have been included in their banking package fee.
The refunds average about $60 each.
“The billing error occurred when some existing clients upgraded their stand-alone accounts to a banking package fee option,” the bank said in a release. “In some cases, the client profile was not updated to reflect the new banking option.”
Clients will be notified by letter and receive a credit to their account or a cheque.
“We regret this situation and have been working diligently since the error was uncovered earlier this year to identify all affected accounts,” said Cathy Honor, head of RBC payments and transactions. “We immediately conducted an in-depth review of client accounts that might be impacted.”