ANZ, CBA cop large fines for customer rorts, excessive fees
ANZ has copped a hit of almost a quarter of a billion dollars for failing to provide promised discounts to its customers, while a CBA-owned trading platform has also been fined for rorting clients.
ANZ is $236 million out of pocket after rorting customers for nearly two decades. (Image source: Shutterstock.com)
ANZ Banking Corp has been fined $25 million and ordered to pay remuneration of $211 million for failing to provide promised discounts to its customers.
The Federal Court found ANZ failed to provide benefits such as fee waivers and interest rate discounts to around 689,000 accounts since the mid-1990s, with customers affected up until September 2021.
The Breakfree package offered the incentives on eligible ANZ products such as home loans, credit…
