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ASIC files suit against ANZ Bank for incorrect fees

Monday 30 May 2022 14:34 CET | News

The Australian Securities and Investment Commission (ASIC) has taken Australia and New Zealand Banking Group (ANZ Bank) to court for allegedly misleading customers regarding their available funds and balances in their credit card accounts.

According to the Australian regulator, over 165,000 ANZ customers were charged cash advance fees and interest for transferring or withdrawing money from their credit card accounts, based on incorrect account balance, from 2016 to 2018. Moreover, ANZ has not adequately address or fix the issue, continuing to affect clients on the bank’s website, app, and ATMs.

ASIC ruled that the average cash advance fees and interested charges per affected account was AUD 47 but, in some cases, single customers were charged thousands of dollars in unlawful fees. 

The bank has already remediated over AUD 10 million to the affected customers until November 2018 but failed to yet solve claims for customers who have been wrongfully charged since 2018. ASIC demands remediation of funds and is currently seeking pecuniary penalties. 

More: Link


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Keywords: regulation, regulatory sandbox, mobile banking, online banking, credit card, refund, ATM, interest rate
Categories: Payments & Commerce
Companies: ANZ Bank, ASIC
Countries: Australia
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Payments & Commerce

ANZ Bank

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ASIC

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