Westpac Banking Corp. will refund NZ$7 million to some 93,000 customers it overcharged on a number of different banking packages.

The New Zealand Markets Authority and the Commerce Commission reached an agreement with Westpac over the steps it must take to refund fees to affected customers. The bank did not correctly discount fees on a number of different banking packages.

Westpac agreed to refund all fees and charges that have been incorrectly charged. The bank said it has completed a significant part of the work to reach and refund customers.

As of Aug.5, US$1 was equivalent to NZ$1.53.