Citibank up for millions

CITIBANK will refund more than $4.3 million to customers in Australia after failing to give back outstanding credit card balances and providing misleading statements about unauthorised transactions.

The corporate watchdog said the US bank would refund $3.3 million to 39,500 local customers who did not receive refunds due when credit card accounts were closed. The error was occurring as far back as 1994, ASIC said.

Citibank will also refund $1 million to about 4000 customers who were misled about their rights.

ASIC said Citibank incorrectly responded to concerned customers, saying it was not required to assess the claim.