Mr Kell added that ANZ's basic accounts are specifically designed for low-income consumers who are unable to pay high fees. ANZ Bank is to refund 25,000 customers a total sum of AUD 5m ($3.83m) after the bank failed to properly apply fee waivers and reductions since 2007. The Australian Securities & Investments Commission (ASIC) said it had received complaints from people who were charged fees for services they did not receive. ANZ had reported the problem to the ASIC and cooperated fully with the enquiries.
ANZ Bank is to refund 25,000 customers a total sum of AUD 5m ($3.83m) after the bank failed to properly apply fee waivers and reductions since 2007. The Australian Securities & Investments Commission (ASIC) said it had received complaints from people who were charged fees for services they did not receive. ANZ had reported the problem to the ASIC and cooperated fully with the enquiries.