Banks charged mortgage holders $55m in extra interest after offset account errors, Asic finds
Australian banking regulator ASIC found that major banks overcharged mortgage holders approximately $55 million in extra interest due to errors in offset accounts over a two-year period. The regulator criticized banks for "not getting the basics right" and warned that the total remediation costs would likely exceed the current figure. The findings came from a review of over 200,000 home loans across the banking sector.
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Banks charged mortgage holders $55m in extra interest after offset account errors, Asic finds
Australian banking regulator ASIC found that major banks overcharged mortgage holders approximately $55 million in extra interest due to errors in offset accounts over a two-year period. The regulator criticized banks for "not getting the basics right" and warned that the total remediation costs would likely exceed the current figure. The findings came from a review of over 200,000 home loans across the banking sector.
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