Win for small biz as major bank forced to refund customers
Business credit card holders are being encouraged to check if they are entitled to a refund, after ASIC found a major bank failed to properly disclose its fees and interest charges.
The corporate regulator announced yesterday that ANZ will refund $10.2 million to 52,135 business credit card accounts.
For some of its 'Business One' business credit card customers, ANZ either failed to disclose or incorrectly disclosed items including applicable interest rates, the interest free period, and the annual fee.
According to ASIC, ANZ has contacted eligible customers to advise they will receive a refund with interest.
Further, former customers will receive a bank cheque and current customers with an open account will receive a refund paid into their account.
ASIC acknowledged ANZ’s cooperation, and said ANZ has since updated its procedures and fee information for its Business One product.