Banks charged mortgage holders $55m in extra interest after offset account errors, Asic finds

Australian banking regulator Asic has found that major banks overcharged mortgage holders approximately $55 million in extra interest due to errors in offset account systems. The regulator criticized banks for 'not getting the basics right' and warned that the total compensation owed to customers would likely increase as remediation efforts continue. The investigation reviewed more than 200,000 home loans and revealed systematic failures across the industry.