Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

ANZ to repay customers $13 million

Around 20,000 ANZ customers will be compensated approximately $13 million after the bank failed to apply bonus interest to its Progress Saver accounts (PSAs).

In a statement issued by ASIC, ANZ must pay affected customers $13 million in compensation following its failure to accurately apply bonus interest to PSAs for a number of years.

According to ASIC, ANZ discovered the breach following a customer complaint and reported it to the regulator.

“ANZ advised ASIC of its intention to undertake a thorough account reconstruction exercise to determine the financial impact on all affected PSA holders,” the statement said.

The bank is currently contacting and providing refunds to affected past and present PSA holders, a process that is expected to be completed by the end of this week.

Advertisement
Advertisement

ASIC deputy chairman Peter Kell said ANZ has taken its breach reporting obligations seriously in this matter.

“Breach reporting helps ASIC ensure affected consumers are returned to the position they would have held if it were not for the breach occurring at all,” he said.

ANZ to repay customers $13 million
mortgagebusiness

Latest News

The big four banks continue to dominate the mortgage market with three reporting an increase to their home loan books over May, APRA stats r...

The prudential regulator has revoked Citigroup Pty Limited’s banking licence following the completion of its sale to NAB. ...

The first month of winter was one where value growth continued to freeze, marking Australia’s “sharpest slowdown” in more than three d...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

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