News Reports

The Sydney Morning Herald

“The bank (National Australia Bank’s Irish subsidiary) revealed it had also reimbursed several customers undisclosed sums of money after the investigations uncovered a ‘system error’ which led to some borrowers being charged incorrect interest rates.”

Australian Financial Review

“The National Australia Bank has apologized to a leading economist who claimed extra fees on his loans were a “systematic rip off.” (The economist) discovered a $512 “overdraft/line service fee” wasn’t in his original mortgage contract, and a $288 charge when he closed the loan. He also challenged a $10 monthly account keeping fee when the contract said it was only half that.” A National Australia Bank spokesman…said the problem arose because the wrong code was put into the computer.”

The Sun Herald

“The giant ANZ banking group in Australia has agreed to pay compensation to certain customers…conceding that it had overcharged thousands of customers.”

The Australian

Australian Financial Review

“It’s head of corporate relations (for National Australia Bank), Mr Haydn Park, said…mistakes that were picked up by customers or their advisers were rectified… When someone comes to us and says ‘You’ve done something wrong, then we don’t quibble, we do something about it.”

Australian Financial Review

“It emerged that as many as 140,000 customers were wrongly charged debits tax totalling about $10 million.

And errors in annual fee charges for some home loan products, including the popular National Choice Package, wrongly netted the bank a further $52 million. The mistakes hit 55,000 such products.

NAB will reimburse all wrongly charged accounts and pay $18 million in lost interest. Mr Fahour has apologised.”

The Age