ANZ Bank is facing a day in Federal Court after Australia’s financial watchdog has launched legal action against the bank for their alleged faulty banking system and misleading conduct.
The Australian Securities and Investments Commission (ASIC) has alleged the bank had wrongly charged fees and interest to more than 165,000 credit card accounts between May 2016 and November 2018, based on the incorrect account balance.
“We are concerned that, over a long period of time, ANZ overstated the available funds and balances on credit card accounts, and nonetheless charged fees and interest to customers who relied on this information when making withdrawals,” said ASIC Deputy Chair Sarah Court.
Court also revealed that while some affected customers were charged $47 in cash advance fees and interest, other individuals were charged thousands of dollars in fees.
