ANZ 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 the end of April . ANZ (ASIC) has said that the issues arose as a result of breakdowns in the automated and manual processes, adding that this highlights the importance of appropriately managing the process. ANZ had reported the problem to the ANZ 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 and Investments Commission (ASIC) has said that the issues arose as a result of breakdowns in the automated and manual processes, adding that this highlights the importance of appropriately managing the process. ANZ had reported the problem to the ASIC and cooperated fully with the enquiries.