Canada’s big banks admit they overcharged customers – what went wrong?

RBC latest bank to get slapped with a multi-million dollar penalty for overcharging clients

On Tuesday, Royal Bank was the last of Canada’s five big banks to get slapped with a multi-million dollar penalty for charging customers excess fees for investment products like mutual funds. ┬áIn some cases clients were unknowingly overcharged for more than a decade.

The bank will reimburse affected customers $21.8 million worth of investment fees and pay $975,000 to the Ontario Securities Commission (OSC) to cover the investigation and other charges.

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