Did you purchase a non-registered GIC with RBC Royal Bank® between August 1, 1994 and July 29, 2005?
We've recently discovered that we paid simple interest instead of compound interest on some of our non-registered Guaranteed Investment Certificates (GICs). You may not have received the correct amount of interest if your GIC was:
- In a non-registered account;
- Purchased between August 1, 1994 and July 29, 2005; and
- Had a term longer than one year, with interest payable at maturity
What is RBC doing to fix the situation?
We apologize for the inconvenience this situation may have caused and would like to assure you that we are resolving this issue. We are sending out cheques to clients we have identified as having GICs that matured on or before December 31, 2005. We are also automatically adjusting the interest payments for GICs that have not yet matured.
Read our Frequently Asked Questions to learn more about how we are resolving the situation.
What happens if I don't hear from you?
If you are affected by this situation, you should receive a letter from us. However, there is a chance that we may not have been able to reach you if we don't have your current mailing address or other personal information.
If you haven't heard from us by January 6, 2006, and believe you are affected by this issue, you can fill out the Interest Adjustment Request Form. Once completed, simply mail or fax the form to us and we will investigate the matter on your behalf.
We appreciate your patience. If you wish to talk to us, please visit your branch or call 1-800-769-2511 (choose option 5 for Investments).
® Registered trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
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