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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.

What is the Refund Process?

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

No, all existing RBC clients with impacted loan, mortgage or auto finance loan accounts will be contacted and refunded with no further action. If you are an existing RBC client and have a loan, mortgage or auto finance loan that was closed 7 or more years ago, information will be provided at a later date as to the steps you may take to claim a refund.

RBC has carefully evaluated and recalculated to ensure that impacted client’s receive refunds including interest on the refund amount if applicable. Where information was unclear or unavailable RBC has calculated in the clients benefit.

If you still have your lending product’s payment account open, then your refund will be directly deposited. For all other cases you will receive a letter with a cheque.

No, RBC will be refunding clients in phases and there may be a period of time between a refund for one product and another. This may span over a few months and into early 2024.

How will I be Communicated with?

This means that you are not one of the impacted clients for whom refunds are being calculated.

Yes, you will receive a communication for each impacted product you held during the relevant time period.

No, you will receive your communications advising if you were impacted and refunds over a span of a few months and into early 2024 as clients will be refunded in phases.