Australia &New Zealand Banking Group Ltd. is refunding approximately A$5 millionto 25,000 customers after it failed to properly apply some fee reductions and feewaivers.
The Australian Securities and Investments Commission said March30 that ANZ will refund the amount for customers who held an ANZ Access Basic accountand who also held an ANZ consumer credit card or ANZ Everyday Visa Debit Card since2007.
The bank failed to apply some fee reductions, which includedover limit and late payment fees on consumer credit cards and overdrawn fees ondebit cards. The failure was due to breakdowns in the interaction between automatedand manual processes.
ANZ has started contacting affected customers about the errorand the reimbursement. It plans to complete the remediation process by the end ofApril.
As of March 29, US$1 wasequivalent to A$1.32.