ANZ to pay $3.25m after overcharging customers millions in interest and fees

ANZ Bank Pays $3.25 Million Penalty for Misleading New Zealand Customers

ANZ Bank’s New Zealand operation has agreed to pay a $3.25 million (US$1.92 million) penalty after admitting it twice breached fair dealing laws. The agreement was reached after an investigation by the Financial Markets Authority (FMA). The first breach involved wrongly charging fees and interest to customers whose accounts went into arrears without first having applied for an overdraft facility—what banks call an “unarranged overdraft.” But jus…

ANZ to pay $3.25m after overcharging customers millions in interest and fees

ANZ has agreed to pay $3.25 million after admitting it breached fair dealing laws which saw some customers overcharged millions of dollars in interest and...

ANZ Pays $1.9 Million Fine in New Zealand, Admits Breaching Law

ANZ Group Holdings Ltd. admitted breaching fair dealing laws and agreed to pay a fine after incorrectly charging some customers in New Zealand for fees on unarranged overdrafts, the country’s Financial Markets Authority said.

ANZ penalised in New Zealand for legal violation

Australia and New Zealand Banking Group (ANZ) has acknowledged breaching fair dealing laws in New Zealand and agreed to pay NZ$3.25m ($1.98m). The settlement follows an Enforceable Undertaking related to incorrect charges on unarranged overdrafts and undisclosed terms in home loan agreements, the Financial Markets Authority (FMA) of New Zealand said.  The issue arose between 20 December 2012 and 31 May 2023, when ANZ imposed an unarranged overdr…

ANZ Caught Red-Handed Overcharging 200,000+ Customers

ANZ Bank New Zealand will pay $3.25 million to settle charges it misled customers about fees and wrongly demanded repayment of mortgage incentives, the country's Financial Markets Authority (FMA) a...