RBC Cost of Borrowing Correction Claims
RBC identified minor discrepancies between the different systems used to calculate interest for purposes of:
  • the Cost of Borrowing (“COB”) disclosure statements or renewal documents provided to clients; and
  • what clients were actually charged from 2001 to 2022.
These discrepancies could have resulted in clients being charged more or less interest than the amounts reflected in the COB disclosures.

These minor discrepancies arose from calculation differences in rounding to the decimal, leap year and day-count averaging conventions. They impacted car loans, personal loans and mortgage loans given to personal banking clients. Most differences were minor and many loans were not impacted at all. In most cases, the amount of the refund was less than $10.
For additional information about this discrepancy and the role of EY as Claims Administrator please click the link to RBC's website below:

Submit a claim

RBC has completed an extensive loan review exercise and issued refunds to many current RBC clients that were impacted. If you did not already receive a refund from RBC and you had a car loan, personal loan or mortgage loan with RBC between 2001 and 2022 that you believe was impacted, you are eligible to submit a claim. Lines of credit were not impacted and are therefore not eligible to be included in a claim.

Please note that submitting a claim does not mean you will receive a refund. Your information will be matched to RBC’s loan information to determine whether your loan was impacted and whether you are entitled to a refund.

The claims process ended on May 15, 2025. New claims can no longer be submitted

Frequently Asked Questions (FAQ)

Learn more about the RBC Cost of Borrowing Correction

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Contact us

​​Have questions? Get in touch to get the answers you need. Contact the Claims Administrator at EYclaimsAdmin.RBCcobc@ca.ey.com or 1-833-453-2987