ANZ to Refund $28.8 Million to Clients After Unclear Fee Disclosures

[kreslik.news]

The Australian Securities and Investment Commission (ASIC) announced today that Australia and New Zealand Banking Group Limited (ANZ) plans to refund $28.8 million to 376,570 retail accounts, and 17,230 business accounts, after failing to clearly disclose when certain periodical payment fees would apply.　

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‘Set and Forget’ Fixed-Amount Payments

Periodical payments are automatic ‘set and forget’ fixed-amount payments put in place by the customer which are used as an alternative to direct debit arrangements and allow customers to establish a regular payment to another account. Banks ... (read more)