Overview

• Regulators found ANZ wrongly charged unarranged overdraft fees and excess interest between December 2012 and May 2023, affecting 209,960 customers and totaling NZ$4.37 million.
• ANZ has refunded those overdraft charges and paid NZ$1.02 million in use-of-money amounts to compensate customers for time without funds.
• The bank also sought repayment of mortgage cash contributions without verifying breaches between August 2014 and August 2022, leading to refunds for 1,019 customers of NZ$2.43 million plus NZ$582,030 in use-of-money payments.
• The NZ$3.25 million undertaking comprises NZ$2.08 million for the overdraft violations and NZ$1.17 million for the mortgage incentive breaches.
• ANZ self-reported both issues, cooperated with the FMA, updated its processes for mortgage discharges, and must identify and remediate any additional affected customers.