Article by Rosemary Barnes on FinanceMagnates.com. The article reports the agreement of Australia and New Zealand Banking Group Limited (ANZ) to repay more than AUS$28 million to its customers after charging them for fees for periodic transfers among their own accounts, in violation of the bank’s terms and conditions. The bank itself reported the problem to Australian regulators.
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Brian Larson
Update. On September 8, 2016, the Sydney Morning Herald reported that bank Westpac was also required to repay fees for consumers because it charged them the fees without authorization in its own terms and conditions. See http://www.smh.com.au/business/banking-and-finance/westpac-refunds-20m-to-credit-card-customers-20160907-grbdwp.html