ANZ pays A$15m fine for excessive credit card advance fees
ANZ reportedly breached the ASIC Act and the National Consumer Credit Protection Act.
The Federal Court of Australia has approved ANZ’s agreement to pay A$15m (approximately $9.63m) to the Australian Securities and Investments Commission (ASIC) for excessive fees charged on certain credit card advances between 2016 to 2021.
“ANZ accepts responsibility for what has occurred and apologises to its customers and has addressed the issues that gave rise to the contraventions,” the bank said in a statement, adding that it has cooperated with ASIC during this process and has completed its remediation program.
Between May 2016 and April 2021, ANZ was said to have made cash advances on credit card accounts even before funds were processed.
In an earlier court filing, ANZ acknowledged that it breached section 12DB of the Australian Securities and Investments Commission Act (ASIC Act) for certain consumer credit card products between May 2016 and November 2018, and for one credit card product between November 2018 and April 2021.
ANZ also acknowledged that it breached section 47 of the National Consumer Credit Protection Act for actions made between April 2018 and September 2021.
In a statement, ANZ said that the Federal Court of Australia has approved of the agreement with the Australian Securities and Investments Commission (ASIC).
(US$1 = A$1.56)