Media
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Australian Financial Review “The Bank has admitted that a large part of hundreds of interest charge calculations could be wrong…“Colonial State said the banks’ experts had looked at the disputed interest calculations, admitted there were errors …and were now looking at quantifying that overcharging.” The Sydney Morning Herald “The Bank of New Zealand, a subsidiary of the National Australia Bank, has sent letters to 1700 customers apologizing for overcharging fees on their deposit accounts. The bank said processing errors caused by a computer glitch led to the accounts being overcharged.” Australian Financial Review “The bank (National Australia Bank’s Irish subsidiary) revealed it had also reimbursed several customers undisclosed sums of money after the
investigations uncovered a ‘system error’ which led to some borrowers being
charged incorrect interest rates.”
“The National Australia Bank has apologized to a
leading economist who claimed extra fees on his loans
were a “systematic rip off.” (The economist)
discovered a $512 “overdraft/line service fee” wasn’t in
his original mortgage contract, and a $288 charge when
he closed the loan. He also challenged a $10 monthly
account keeping fee when the contract said it was only
half that.” A National Australia Bank spokesman…said the
problem arose because the wrong code was put into the
computer.” The Sun Herald “The giant ANZ banking group in Australia has agreed to pay compensation to certain customers…conceding that it had overcharged thousands of customers.” The Australian “The National Australia Bank’s Irish subsidiary will reimburse $302,000…following the findings of two investigations into overcharging on accounts”
“It’s head of corporate relations (for National Australia Bank), Mr Haydn Park, said…mistakes that were picked up by customers or their advisers were rectified… When someone comes to us and says ‘You’ve done something wrong, then we don’t quibble, we do something about it.” Australian Financial Review “It emerged that as many as 140,000 customers
were wrongly charged debits tax totalling about $10
million. The Age
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