Good news for ANZ and Westpac customers: you might be getting some coin in your account
Westpac and ANZ are refunding over $21 million to customers.
If you're a Westpac or ANZ customer, you could be getting a refund after it was discovered they were engaging in concerning practices.
ANZ is set to refund $10.2 million to more than 50,000 business credit card accounts after they failed to disclose fees and interest charges. Westpac, meanwhile, will give $11.3 million to around 3,400 customers after the Australian Securities and Investments Commission investigated their credit card limit increases.
ANZ reportedly failed to disclose or incorrectly disclosed their interest rates, interest-free periods, annual fees, overseas transaction fees and amounts payable for overseas transactions from 2009 onwards. The bank has contacted customers saying they will receive refunds plus interest. Former customers will receive a cheque.
Westpac says they'll improve lending practices when increasing credit card limits after providing limits too high for some customers who couldn't afford to pay them back.
In a statement, they said they are "committed to lending responsibly" adding:
"If we get something wrong, we will acknowledge it and will put it right for our customers."
ANZ also released a statement, admitting they "did not take reasonable steps to verify customers' financial situations." ANZ group executive Australia Fred Ohlsson said:
"ANZ has worked closely with ASIC on its investigation of this matter... We take our responsible lending obligations seriously and we have since taken steps to strengthen our ability to prevent and detect fraud by third parties."
Image: Scott Barbour/Getty Images
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