What is rfx withdrawal royal bank?

RFX stands for Royal Foreign Exchange (Royal Bank of Canada), Suggest new definition. What does rfx withdrawal on rbc bank means? - Wjat is a rbc rfx withdrawal. anonymous earned the badge: FamousQuestion. Just saw this on my account, before I call the bank, does anyone here know what it is? Just says "royal foreign exchange withdrawal. Someone from Toronto, Ontario, CA posted a whisper, which reads "RBC just took $200 from my account as an "RFX withdrawal". RFX, Request for Information, Proposal or Quotation.

Royal Bank of Canada is refunding money to nearly 60,000 personal banking clients after finding an error in the way it calculated some foreign exchange transactions for more than a decade.

The bank said it discovered the error in an internal review of retail banking transactions. From Aug. 1, 2009, until Feb. 8, 2020, the foreign exchange conversion rates used to calculate some foreign currency transactions were incorrect, which had the effect of overcharging clients.

RBC has corrected the error, spokesperson Edith Galinaitis said, and the bank has contacted customers who were affected, providing “a full credit with interest, and impacted clients have now been made whole.” Ms. Galinaitis declined to provide the total amount refunded to clients, but it is not believed to be financially material to the bank.

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Early last week, RBC mailed letters to clients about what it described as a “system error” and promised to refund the difference in rates, plus interest of 1.5 per cent a year. The letters said refunds would be deposited in clients’ accounts after July 10. Copies of two letters reviewed by The Globe and Mail promised refunds of a few hundred dollars or less, depending on each client’s past transactions.

Ms. Galinaitis said the error “was not deemed to be a regulatory issue” and that the bank did not notify the relevant regulator, the Financial Consumer Agency of Canada, which is in charge of ensuring that federally regulated banks comply with consumer protection measures.

FCAC spokesperson Lynne Santerre said banks are required to disclose conversion rates for foreign currency to customers and how those rates are determined and applied. When a bank does not comply, “FCAC may conduct an investigation and respond with the appropriate measure to ensure compliance,” she said.

Royal Bank of Canada is refunding money to nearly 60,000 personal banking clients after finding an error in the way it calculated some foreign exchange transactions for more than a decade.

The bank said it discovered the error in an internal review of retail banking transactions. From Aug. 1, 2009, until Feb. 8, 2020, the foreign exchange conversion rates used to calculate some foreign currency transactions were incorrect, which had the effect of overcharging clients.

RBC has corrected the error, spokesperson Edith Galinaitis said, and the bank has contacted customers who were affected, providing “a full credit with interest, and impacted clients have now been made whole.” Ms. Galinaitis declined to provide the total amount refunded to clients, but it is not believed to be financially material to the bank.

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Early last week, RBC mailed letters to clients about what it described as a “system error” and promised to refund the difference in rates, plus interest of 1.5 per cent a year. The letters said refunds would be deposited in clients’ accounts after July 10. Copies of two letters reviewed by The Globe and Mail promised refunds of a few hundred dollars or less, depending on each client’s past transactions.

Ms. Galinaitis said the error “was not deemed to be a regulatory issue” and that the bank did not notify the relevant regulator, the Financial Consumer Agency of Canada, which is in charge of ensuring that federally regulated banks comply with consumer protection measures.

FCAC spokesperson Lynne Santerre said banks are required to disclose conversion rates for foreign currency to customers and how those rates are determined and applied. When a bank does not comply, “FCAC may conduct an investigation and respond with the appropriate measure to ensure compliance,” she said.

Last year, RBC and Toronto-Dominion Bank paid nearly $23-million in penalties as part of settlements with the Ontario Securities Commission, a provincial regulator, over compliance failures in the banks’ foreign exchange trading businesses. In hundreds of instances from 2011 to 2013, traders at the two banks disclosed confidential transaction details, allowing them to gain a potentially unfair advantage in the market.

It was a surprising discovery for Tanya Shields first thing Friday morning.

The resident of Fall River, N.S., said she logged on to her Royal Bank of Canada (RBC) account to pay some bills with money she received via e-transfer from clients of her small business.

But the money wasn't there.

"It was a little bit alarming," Shields said.

She had received confirmation on Thursday night that the money had been successfully transferred, so the fact that it was missing was a concern.

Shields even had her husband transfer money to her in order to ensure that things were working correctly. His deposit transferred successfully.

"Which was more concerning than the money not being there in the first place," she said.

Shields says she checked social media and the bank's website, but there was no information that addressed the problem she was having.

She knew banks were closed on Friday and Monday due to the Easter weekend and was concerned she would end up worrying about this for days.

CBC News heard from other bank customers who experienced similar issues.

Jeff Black, a Halifax-based weapons engineering technician with the Royal Canadian Navy, says he logged on to his RBC account on Friday morning and discovered that the $2,355.97 automatically deposited via e-transfers on Thursday was missing.

The money was going to be used to pay off his property taxes and for supplies needed before he heads out to sea for three weeks.

"It did make me nervous at first, considering I received a great deal of money yesterday, and then it was all gone," he said.

It was a similar story for Christine Hunt, a controller and administrative worker in Newmarket, Ont. She logged on to her account to find money missing and her account overdrawn.

"I was in a complete panic because that's $1,000. Where did it go? And the fact that it doesn't even say it bounced. It's like it never happened," she said Friday.

Hunt found the e-transfer deposit confirmation email but still called RBC to find the missing money. She says she waited on the line for two hours before hanging up.

With her bank account in negative territory, she withdrew $200 from her line of credit to cover a prepayment. But she still has no answers as to when she'll get the money back.

"I don't know what's going to happen. Are they going to charge me because I did go into the red?" Hunt said. "The fact that it's not even listed as ever deposited — it's just blank — is just so weird."

In an emailed statement to CBC News on Friday evening, RBC said it has "resolved the earlier reported issue of account transfers and e-transfers involving auto-deposits recipients. Clients should now expect to see the funds reflected in their accounts."

The bank went on to say it will "reimburse the small number of clients that may have incurred charges or fees as a result of this technical issue. We apologize for any inconvenience this may have caused and thank our clients for their patience while we worked to resolve the matter."

Earlier in the day, RBC said it had experienced a technical issue with some e-transfers.

"Auto-deposit e-transfers sent between Wednesday, April 13, midnight ET and Thursday, April 14, 11:30 p.m. ET, may not be appearing in client accounts," reads the statement, posted on RBC's mobile banking app.

"E-transfers sent outside of that time period are not impacted. We are working to post these entries and reflect accurate account balances as quickly as possible."

A spokesperson for Interac, the primary funds transfer network in Canada, said its service was "functioning normally" but that it was aware one of its "financial institution partners is experiencing an issue on their end."