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TSB Bank to refund customers after miscalculating break fees

TSB Bank Ltd. will repay customers who were overcharged for terminating their fixed-term lending agreements.

The bank found three errors in the way it calculated the fee charges for early termination, New Zealand's Commerce Commission said in a Dec. 14 statement. The errors led to some customers being overcharged and some being undercharged.

The bank reported the errors to the commission in April 2016.

TSB Bank will be recalculating the break fees and refunding customers that were affected from 2008 to February 2016. It will not claim back money from customers who were undercharged.