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Just another banking error

January 30th, 2014

ANZ review after glitch forces $70m in home loan refunds.

ANZ Bank is conducting a sweeping review all of its home loan, savings and small business accounts to ensure they are operating correctly, after a major glitch forced it to refund $70 million to 235,000 home loan customers.

Last week the bank commenced sending out letters to the customers, who were charged incorrect interest rates through their mortgage offset accounts due to processing errors by the bank.

Some of the errors dated back to 2003, and occurred because key processes were carried out manually, leaving the door open to human error.

Customer complaints first alerted the bank to problems with the offset accounts in 2010, which then led to a four-year review led by PwC.

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