ANZ STUNG FOR $22M IN REFUNDS

ANZ is delivering refunds worth $22m credit card customers after overcharging on annual fees.

Customers have received an average $314 each – with some paid more than $1000 – because the bank failed to provide annual account fee waivers between 2015 and 2018 to people eligible through ANZ’S Breakfree Package.

It is the latest in a long line of refunds from financial institutions.

A majority of refunds have related to financial advisers charging fees for no service.

A recent Australian Securities and Investments Commission report revealed six of the biggest financial institutions – CBA, NAB, Westpac, ANZ, AMP and Macquarie – have refunded or offered customers $1.86bn for fee-for-noservice misconduct or noncompliant advice.

An ANZ spokesman said fixing past mistakes was “an important focus”, and its new refunds were going to 70,000 Breakfree package credit card customers.

“From April 2018 to September 2020 we remediated about 2.9 million customer accounts and issued refunds of about $223m across our Australian retail and commercial business,” he said.

Queensland Consumers Association spokesman Ian Jarratt said the banking royal commission had delivered benefits to customers by uncovering poor practices.