RBC identified minor discrepancies between the different systems used to calculate interest for purposes of (a) the Cost of Borrowing (“COB”) disclosure statements or renewal documents provided to clients and (b) what clients were 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 (please note: the discrepancy did not impact lines of credit products) given to personal banking clients.
Most of the differences were minor and depending on the type of mortgage and payment frequency the client had, many loans were not impacted at all.

The discrepancy, if any, varied by individual loan. Most differences were minor and many loans were not impacted at all. In most cases, the amount of the difference was less than $10.

RBC has corrected its systems to ensure this issue no longer impacts clients.

Ernst and Young LLP (the “Claims Administrator”) is a third party hired by RBC, to receive, review and process the Cost of Borrowing Correction claim submissions.

A complaint or suggestion can be made to RBC online, by calling RBC 24 hours a day at 1-800-769-2511 or by visiting an RBC branch.

RBC analyzed all loans for which it has loan information to determine which loans were impacted. For those loans where actual interest charged was more than what was shown in the Cost of Borrowing (“COB”) disclosure statement and RBC had current banking and contact information for the borrower, RBC issued refunds over the last several months. Those refunds were either made by way of direct deposit or a cheque. If you received a refund from RBC, you are not eligible to claim any further refund on account of the same loan through the Claims Administrator.
If you did not receive a refund, and you submit a claim to the Claims Administrator through its online claim portal, the information will be matched to RBC’s loan information to determine whether your loan was impacted. If it is determined that actual interest charged was greater than the information in the COB disclosure statement, you will be issued a refund.

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. 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.

No, lines of credit were not impacted by the discrepancy and therefore, not eligible to submit a claim.

RBC has refunded qualifying clients in late 2023 and early 2024. If you received a refund through the qualifying clients process, you would have received a notice by mail / email from rbcroyalbank@service.rbc.com.

Yes, if you had a car loan, personal loan or mortgage loan with RBC between 2001 and 2022 that you believe was impacted, but are no longer an RBC customer, you are still eligible to submit a claim.

Yes, you could be eligible to submit a claim, if you had a car loan, personal loan or mortgage loan with RBC between 2001 and 2022 that you believe was impacted, and you did not already receive a refund from RBC.

No, RBC refunded certain qualifying clients in late 2023 and early 2024. If you received a refund from RBC, you are not eligible for a refund through the Claims Administrator's online claim portal on account of the same loan through the Claims Administrator.

If you feel you qualify for a refund you may submit an online claim through the Claims Administrator's online claim portal by clicking the following link https://ey.com/ca/RBCcobc. Once your claim has been submitted along with all required information, the Claims Administrator will assess your claim to determine if you qualify.

Yes. If you are the executor of an individual’s estate, you can make a claim on behalf of the estate. Please be sure to indicate that the claim is being made by the estate by filling in the first name of the claimant as follows: “[Full name of Executor], executor for the estate of [First name of deceased]”.

If you were a client of HSBC and had your accounts moved to RBC you do not qualify for a refund as your product was not held with RBC at the time of the issue.

You will be asked to provide information about yourself including:

• Your given name(s) (and preferred first name);
• Your surname (and any former surnames);
• Your email address;
• Your mailing address (and your prior address at the time you had the loan);
• Your date of birth;
• Your RBC Client Card Number (your RBC debit / ATM Card);
• Information about any joint borrowers on the loan;
• Type of loan product (car loan, personal loan, or mortgage loan) and its year of origination and evidence of your loan, such as a copy of:
• Your loan agreement, annual statement or renewal agreement;
• A bank statement showing a recurring regular payment against the loan;
• Your customer profile showing the outstanding loan;
• Any loan documentation with the loan number.
• Your current bank account information to facilitate any refund to you by Interact e-Transfer.

You can find your loan number on the top half of the first page on the following documents:

• Loan Agreement
• RBC Homeline Plan Agreement
• Loan Renewal Agreement
• Loan Amending Agreement
• Approval and Cost of Borrowing Statement of Disclosure
• Annual statement

The loan number should be submitted in your claim. The Claims Administrator may not be able to identify your loan from the RBC Homeline Plan number.

No, we are only asking for the loan number. The loan number is made up of an 8 digit account number and a 3 digit segment number. Please provide both the 8 digit loan number with the 3 digit segment number (e.g. 12345678-001)

It may not be possible to accurately determine the details of all of your RBC loans with just your personal information (i.e. name, date of birth and RBC Client Card). The Claims Administrator and RBC require some evidence of your loan in order to ascertain the details of the loan for which you are submitting a claim. The evidence can be one of a number of types of documentation including but not limited to your loan agreement, renewal agreement, annual statement, bank statement showing recurring regular payments against the loan, customer profile showing the outstanding loan or any loan documentation with the loan number.

Your date of birth combined with your other personal information (name and RBC Client Card) will enable the Claims Administrator to match your information to RBC’s records to determine whether your loan was impacted.

RBC selected the Claims Administrator due to its commitment to data and privacy protection. The Claims Administrator’s claims management solutions have been successfully used to receive, review and administer claims in a number of other high-profile claims administrations including those in which substantially greater personal information was required.

You will be able to provide information on multiple impacted loans on the same claim form.

RBC wants to provide sufficient time for all clients to be able to gather their supporting documentation and submit a claim. Accordingly, the Claims Administrator’s online claims portal will be open for potential claimants to submit claims until April 30, 2025.

Claimants are encouraged to submit the online claim form, as electronic submissions will be processed faster than ones submitted manually. However, if you are unable to submit a claim online you can download a copy of the manual claims submission form by clicking this link or by contacting the Claims Administrator at EYclaimsAdmin.RBCcobc@ca.ey.com or 1-833-453-2987 and the Claims Administrator will provide you with information as to how to submit a claim manually.

Yes, you may request a paper claim form by contacting the Claims Administrator at 1-833-453-2987 for further information.

The claim form allows you to include your current legal first and last name, along with a preferred or previous first or last name. Claimants should provide both their current last name and former last name to expedite the process of the Claims Administrator matching your information to RBC’s records.

For joint loans, each borrower will have to submit a claim for their portion of the refund. In each case, the claimant should provide information with respect to the names of the other joint borrowers.

You will receive a confirmation email from the Claims Administrator after your claim has been submitted. After that, it may take up to 8 weeks to review and process your claim. Once it has been processed, you will receive an email from the Claims Administrator informing you of the resolution of your claim – i.e. whether you are entitled to a refund, and if entitled to a refund, the amount of the refund you will be receiving.

The verification email should be sent within a few minutes, if you still have not received an email with your verification code, please check your spam inbox. If you still cannot find the email, please email the Claims Administrator at EYclaimsAdmin.RBCcobc@ca.ey.com

Please ensure all mandatory fields are filled in properly, if that does not fix the error, please email the Claims Administrator at EYclaimsAdmin.RBCcobc@ca.ey.com with the error message.

Depending on the type of loan or mortgage and payment frequency the client had, the loan may, or may not have been impacted. Many loans were not impacted, and, in those cases, you will not receive a refund. For those clients whose loans were impacted, the majority of the discrepancies are less than $10.

RBC carefully evaluated and recalculated the interest charged on each loan in comparison to amounts reflected on the Cost of Borrowing disclosure statement to determine whether the loan was impacted. If it was determined that a refund was applicable, interest on the refund amount for the appropriate period of time was included.

If you qualify for a refund, you will receive an Interac e-Transfer to the bank account of your choice at an eligible financial institution. A list of eligible financial institutions is available here. If your financial institution does not accept Interac e-Transfer or if you prefer, you may select to receive a cheque.

All loans submitted from the same claim will be reviewed at the same time, and if approved, refunded at the same time. If additional impacted loans are subsequently submitted, it is possible that refunds will be issued at different times. You will receive an email once a claim has been reviewed and it has been determined whether you will receive a refund or not.

For joint loans, each borrower will have to submit a claim for their portion of the refund. In each case, the claimant should provide information with respect to the names of the other joint borrowers. If the loan is determined to have been impacted, a portion of the refund will be issued to each joint borrower that submitted a claim.

No, if clients were charged less, RBC will not seek reimbursement.

If you qualify for a refund and do not have a bank account with an eligible financial institution that allows the acceptance of an Interac e-Transfer, you can elect to receive a refund by cheque. Cheques will be issued in Canadian dollars. Please note that you will need to make your own arrangements with your foreign bank to ensure that they are able to cash the cheque.

If you have moved or the mailing address submitted in your claim is not current, immediately email the Claims Administrator at EYClaimsAdmin.RBCcobc@ca.ey.com to update your mailing address. You will be required to submit proof of identity before we can update your mailing address.

No. All refund payments will be made in Canadian Dollars.

The Claims Administrator will work with RBC to process refund payments as soon as possible. As payments are processed on a periodic cycle, these payments may take as long as 4 weeks from the time that you receive a notice of refund from the Claims Administrator.