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FAQ about RBC’s Cost of Borrowing Correction

Below is a list of questions and responses to address concerns you may have about your impacted products.

About the Discrepancy

  • RBC identified system issues with interest rounding to the decimal, leap year and day-count averaging conventions that impacted mortgage, auto finance and personal lending clients.
  • This issue resulted in minor discrepancies between information disclosed in the agreement and the Cost of Borrowing (COB) disclosures or renewal documents and what clients were charged.
  • The discrepancies resulted in clients being charged slightly more or less than the amount stated in their disclosures. Depending on the type of mortgage and payment frequency the client had, they may not have been impacted and were charged correctly.
  • RBC has corrected its systems to ensure this issue no longer impacts clients.

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

  • 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.

  • If you were a client and held anything other than a personal mortgage loan, personal loan and/or a car loan (cars, boats and RV’s), you would not have been impacted by this issue. Products such as Credit Lines, HELOCs, Business/Commercial Loans were not impacted by this issue.

What is the Refund Process?

If you feel you qualify for a refund you may submit an online claim through RBCs online portal by clicking the following link https://ey.com/ca/RBCcobc(opens to external site). Once your claim has been submitted along with all required information, RBC will assess your claim to determine if you qualify.


Yes, you will be required to submit an online claim along with proof that you held a qualifying product during the time period of the issue. All required fields must be completed for your claim to be reviewed.


No, RBC has refunded qualifying clients starting in September 2023 through to April 2024. If you had a product that you feel qualifies for a refund and you did not receive any notification from RBC, you may submit a claim through the Claims Administrator’s online claims portal.


If you qualify for a refund you will receive an electronic funds transfer (EFT) to the bank account of your choice or you may select to receive a Canadian Dollar draft if your financial institution does not accept EFTs.


Yes, you can submit up to five claims with one email address and each claim will be assessed to determine if you qualify.


Yes, you may request a paper claim form by contacting our claims administrator. You will be required to complete the claim form and mail it to the Claims Administrator.

How will I be Communicated with?

This means that you were not one of the impacted clients for whom refunds were automatically provided. If you feel you qualify for a refund you may submit a claim through the online portal or by contacting us at 1-833-453-2987 or 416-860-6494 to obtain a paper claim form.


Yes, you will receive a communication for each claim submission you have made. Communication will be sent to the personal details provided in your claim submission.


Yes, you will be sent an email to the email address or physical address provided within your claim submission.


Please contact the claims administrator for any questions you may have regarding the process or required information.

You can visit https://ey.com/ca/RBCcobc(opens to external site) or call 416-860-6494 or 1-833-453-2987 to get more information