RBC to Refund $7.2-million to About 23,000 of Its Residential Mortgage Holders

Royal Bank said Tuesday it will pay $7.2-million in refunds to about 23,000 of its residential mortgage holders who were assessed an incorrect prepayment charge.

The refunds are for a portion of prepayment charges relating to mortgage prepayments made from 1999 to 2004.

Customers wanting more information can visit the bank's website at www.rbcroyalbank.com/prepayment or call 1-800-769-2511.