ANZ Refunds 235,000 Home Loan Customers $70 Million for Interest Repayment Overcharge
By Vittorio Hernandez | January 30, 2014 10:45 AM EST
ANZ Bank's image as a bully lender to some customers may be softened since the bank is now refunding 235,000 home loan customers a total of $70 million which represents overcharge for interest repayments. That would average about $300 per customers.
The bank is informing its clients through letters of the errors in computation of interest repayments that, in some instances, go all the way back to 2003. The mistake was attributed to agreed discounts or offset accounts not being linked to the customer's mortgage accounts.
ANZ said sorry to its clients for the human error and held a review of all its offset accounts beginning 2003, Breakfree accounts since 2006 and 2.4 million mortgage accounts since 2011.
A bank spokesman said it has started refunding customers immediately, with some receiving a compensation amount, and all payments are expected to be completed within the next 6 weeks.
The bank, which informed the Australian Securities and Investments Commission of the process, said the refunds will not impact its results.
To contact the editor, e-mail:
Most Popular Slideshows
- 2014 MTV Video Music Awards: Full List Of Winners, Miley Cyrus ‘Wrecking Ball’ Bags Video Of The Year [PHOTOS]
- Manny Pacquiao Vs. Chris Algieri World Tour Kick Off Press Conference In Macau [PHOTOS]
- Top 5 Richest Tennis Athletes
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
Join the Conversation
- Sept 19 iPhone 6 Release Date Confirmed as Apple Sets Sept 9 iWatch, 2 iPhones Intro - Report
- Why Moto X is Not the Best Smartphone to Purchase Now?
- Nexus 6 Release Date Will Intro Android 5.0 aka Lemon Meringue Pie with Killer Specs & Features
- Hundreds of Men Rape Teen for Three Years
- Samsung Galaxy S5 Mini vs. LG G3 S (aka LG G3 Beat, LG G3 Mini) – Specs, Features And Price Showdown
- iPhone 6 Release Date Update: 4.7-Inch Model Scores 65.8% In Screen-To-Size Ratio; A Surprise Entry Scales Top Spot [List Attached]
- Product Recall Alert: Hewlett-Packard Pulls Out 6M Power Cords from US, Canada Over Fire Hazard Concerns, Australia Also Affected