Are the big banks 'playing' us?
The Commonwealth Bank of Australia (CBA) will pay out around $80 million in refunds to around 216,000 customers for overcharging borrowers as a result of human error.
A complaint in 2014 led the bank to discover it had neglected to honour certain discounts on its home loan packages – some of which dated back to 2008. Affected customers will receive an average refund of $370 including interest.
"I apologise to customers who have not received the full benefits of their home loan package due to our mistake," said the head of CBA's retail banking services Matt Comyn. "Once we discovered the error we notified the regulator, ASIC. We worked to identify those customers who were due a refund, and the amount owed to them, including interest. We have commenced contacting these customers."
CBA hopes to have notified most affected customers by 2016.
Now, hats off to the bank for discovering this and taking action but, if I may play devil's advocate, do you think this is beginning to become a bit too commonplace? Considering CBA has already announced earlier in the year of another 'error' that withheld money from its customers, and ANZ and NAB have also recently committed similar 'errors'? Do you think the banks may be just holding on to money and profiting from the interest? Or am I just paranoid?
Read more at Brisbane Times
No I think the four bank policy introduced by Keating has made our banks arrogant . They know that customers do not change banks .