‘It was our mistake’: RBC says it is addressing oversights in CEBA loan application process [Financial Post (Toronto, Ontario, Canada)]
Royal Bank Of Canada (RY)
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Source: Financial Post
‘It was our mistake’: RBC says it is addressing oversights in CEBA loan application process Attempts to streamline distribution of the government-backed loans inadvertently left a small number of businesses unable to access the application, bank says Royal Bank of Canada acknowledged Friday that an attempt to streamline distribution of emergency government-backed loans to small businesses inadvertently left a small number of qualified recipients unable to access the online application. Canada’s biggest bank chose to isolate 700,000 business accounts deemed eligible and provide them with an application banner that would lead to a three-question application. Others accounts were not provided with the banner, including some firms that met all criteria laid out by the federal government, such as payroll size and bank account type. “It was our mistake,” Christianne Paris, senior vice-president of Business Financial Services at RBC, said Friday of the omissions. “We’re learning as fast as w
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