Australian bank to compensate 200,000 customers

One of Australia's biggest lenders, ANZ, is paying out compensation to 200,000 customers totalling $13m Australian dollars ($9.3m; £6.1m), reports BBC.
The move comes after the bank failed to apply correct interest payments to some accounts for several years.
The lender told the BBC it had received a complaint about the issue in 2013 and that the error dated back to 2007.
ANZ said a system error was to blame and that it was resolving the problem and had apologised to customers.
"There was an issue where some customers were either underpaid or overpaid the correct amount of bonus interest on their progress saver account," ANZ's media spokesperson Emily Kinnear told the BBC.
But Ms Kinnear said the bank would not recoup the amounts that were overpaid.
The bank said the issue had affected 0.5 per cent of saving accounts each month and that the majority of refunds were for amounts of A$35. About 100,000 customers were owed less than A$5.
Ms Kinnear said a thorough review had been conducted and reimbursements should be completed this week.
Australia's banking watchdog, the Australian Securities and Investment Commission (ASIC), said the lender had reported the matter to the regulator.

Australian bank to compensate 200,000 customers

One of Australias biggest lenders, ANZ, is paying out compensation to 200,000 customers totalling $13m Australian dollars ($9.3m; 6.1m), reports BBC. The move comes after the bank failed to apply correct interest payments to some accounts for several years. The lender told the BBC it had received a complaint about the issue in 2013 and that the error dated back to 2007. ANZ said a system error was to blame and that it was resolving the problem and had apologised to customers. There was an issue where some customers were either underpaid or overpaid the correct amount of bonus interest on their progress saver account, ANZs media spokesperson Emily Kinnear told the BBC. But Ms Kinnear said the bank would not recoup the amounts that were overpaid. The bank said the issue had affected 0.5 per cent of saving accounts each month and that the majority of refunds were for amounts of A$35. About 100,000 customers were owed less than A$5. Ms Kinnear said a thorough review had been conducted and reimbursements should be completed this week. Australias banking watchdog, the Australian Securities and Investment Commission (ASIC), said the lender had reported the matter to the regulator.