ASIC files suit against ANZ Bank for incorrect fees

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.