Australian bank ANZ, is forced to pay out a compensation of $13m Australian dollars to almost 200,000 of it’s customers.

This was a result of a bank’s mistake, as it didn’t apply the right interest payments to several accounts for a long time. It was a mistake which came to the surface about 2 years ago in 2013, but it goes back to 2007, as the lender stated to BBC.
The bank claimed that a system error was the responsible for the incident and that the problem was fixing and also that had already apologized to it’s clients.
"There was a problem as some of our customers were either underpaid or overpaid the correct amount of bonus interest on their progress saver account,” Emily Kinnear, ANZ’s spoke person stated to BBC. However the bank isn’t willing to recoup the amounts that were overpaid said Ms Kinnear.
Ms Kinnear also reported that a careful reexamination was accomplished and that the paybacks should be completed this week. The mistake regards the 0.5% of saving accounts each month. The majority of refunds were for amounts of A$35 and 100,000 customers were owed less than A$5.
The bank however had reported the issue, as the Australia's banking watchdog, the Australian Securities and Investment Commission (ASIC) stated. ANZ took its breach reporting obligations seriously, so the refund payment included an additional amount in order to recognize the wasted time since the initial breach.“It is very important to report this kind of issues as it makes it easier for ASIC to help all the costumers who were affected” reported Peter Kell, ASIC's deputy chairman.


Petros Stathis