The Meeting Place

Does this bank owe you money?

Westpac has been forced to compensate around 40,000 customers who have been overcharged on their mortgage repayments, in the latest fallout from last year’s banking Royal Commission, reports The New Daily.

Australia’s second biggest bank is on track to paying close to a $100 million after discovering the customers had been charged too much when their loans switched off “interest-only” payments.

The bank blamed manual processing errors, which left a large portion of borrowers on the interest-only loans instead of being transferred to principal and interest once the interest-only period had expired.

The bank has been in touch with customers, sending letters explaining how the 40,000 will be remediated for paying excess interest. A further 30,000 who were ahead of their mortgage repayments suffered no financial impact and will not be remediated.

Westpac says impacted customers can contact their specialist bankers on 1300 132 925 8am-8pm Monday to Friday and 9am-5.30pm Saturday (AEST).

6 comments

What concerns me the most - what other errors are there that they are NOT bragging about?

 

sunnyOz

Banks appear to have worsened across the board since the Commission, not improved.

So how will Westpac refund those customers who have closed their mortgage accounts and savings accounts and moved on to other address and banks? I bet that Westpac are hoping those ex-customers will not make claims. This rort has been going on since 2007!!! 

Yet to see any charges etc laid against bank CEO or senior executives for all their fraudulent behaviour or even 100 million dollar fines against those banks for their fraudulant behaviour.

I paid out my Westpac mortgage nearly 10 years ago so I won't be expecting anything.

i deal with a credit union,   only fees i have to pay is if im late with credit card charges,   and as i hardly ever use it,   i dont get  caught,    wouldnt deal with a bank,  

the CBA owes me money for charging for financial advice never received...however the account was closed 10 years ago so doubt they will give me a cent

my mum was in same situation with NAB, who stumped up with return of fees and compensation so keep your fingers crossed

6 comments