🚫 According to ASIC, ANZ falsely advised customers that they could receive cash advances from their “Available Funds” without taking into account any fees or interest.
📈 Instead of displaying accurate information, the court found that ANZ was displaying a larger amount than was actually available for withdrawal, misleading customers that they could receive free cash advances from their “Available Funds”.
💸 According to ASIC, ANZ illegally charged fees and interest related to cash advances to more than 186,000 accounts. There have also been cases where individuals have been charged thousands of Australian dollars for using bank services.
⚖️ The court also found that ANZ did not act “effectively, honestly and fairly” by failing to take timely steps to resolve the problem.
🗣️ ASIC Deputy Chair Sarah Court said:
"Customers deserve clear and accurate information about the available funds in their accounts and the fees and charges that apply to them. Many ANZ customers have relied on account information provided by the bank and have been charged fees that do not reflect that information...
These are errors that we expect the bank to be attentive to and rectify in a timely manner. It shouldn't have taken ANZ several years to solve this problem."
📢 In addition to the A$15 million fine, ANZ will also provide compensation payments of A$8.3 million, or about $5.34 million, to customers who paid interest and fees on cash advances from May 2016 to November 2018 . 💸🏦