ANZ to refund AU$5M after fee failure
ANZ Bank will refund about AU$5 million to around 25,000 customers in Australia, including pensioners, after botching their account fees.
Corporate watchdog Australian Securities and Investments Commission (ASIC) says the bank failed to properly apply fee reductions and waivers for customers who held an Access Basic account and who held either a consumer credit card or an Everyday Visa Debit Card, since 2007.
The failures were as a result of a breakdown in interactions between automated and manual processes and the lack of reliable manual processes.
The ASIC Deputy Chairman Peter Kell said in a statement that ANZ's Access Basic account is specifically designed for those who cannot pay high fees.
The account is available to those holding Seniors Concession card, Pensioner Concession card, Centrelink Health Care card or a Repatriation Health card.
"This matter highlights the importance of appropriately managing manual processes to apply fee waivers and discounts, and designing and maintaining robust systems to support such features," he said.
ANZ has put a reliable automated process in place to eliminate problems in the future, the company says.
The company is currently contacting customers who have been affected by the issue, and the process of remediation is expected to be complete by the end of April.