Powered by MOMENTUM MEDIA
subscribe to our newsletter

ANZ and Westpac refund millions to customers

The major banks will refund a total of $21.5 million to eligible credit card customers, a report from the Australian Securities and Investments Commission has revealed.

ANZ will refund $10.2 million to 52,135 Business One credit card accounts after reporting to the Australian Securities and Investments Commission (ASIC) that it failed to disclose, or incorrectly disclosed:

  • Applicable interest rates
  • The interest-free period
  • The annual fee
  • When an overseas transaction fee might apply
  • The amount payable for overseas transactions with foreign merchants or financial institutions

ANZ has contacted eligible customers who will be receiving a refund, providing current customers with a refund paid directly into their accounts, while former customers will receive a bank cheque.

Meanwhile, Westpac will remediate a total of $11.3 million to around 3,400 credit customers following concerns raised by ASIC over the bank’s credit card limit increase practices.

As part of Westpac’s commitment to improving its lending practices, the bank reviewed its credit card limit increase practices, and it found that limit increases were provided to customers who subsequently experienced financial difficulty.

Advertisement
Advertisement

PROMOTED CONTENT


As a result of these findings, the lender will refund around $3 million for fees and interest and $8.3 million to credit card balances paid.

Further, Westpac engaged with an independent expert to provide assurance over the remediation, and it has made its first two payments totalling $1 million in support of financial counselling and financial literacy.

[Related: Major banks refund millions to interest-only customers]

ANZ and Westpac refund millions to customers
mortgagebusiness

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

Charbel Kadib

Charbel Kadib is the news editor on the mortgages titles at Momentum Media.

Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.

You can email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The digital property settlements platform has appointed independent company directors to its board as it expects to begin trading on the ASX...

A report has called for a royal commission and the Reserve Bank to address soaring house prices, warning that the Australian property market...

Auction volumes were lower last week amid ongoing lockdown restrictions in Melbourne and a long weekend in several states and territories, a...

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.