Westpac, New Zealand

Westpac New Zealand admits to customer overcharges
Westpac New Zealand, the local unit of Australian lender Westpac, has admitted to misleading representations that led to customer overcharges totalling NZ$6.35m ($3.59m). This admission came as part of a civil proceeding initiated by New Zealand's Financial Markets Authority (FMA) at the High Court in Auckland.
Westpac Bank admits overcharging nearly 25,000 customers more than $6.3 million
The FMA has brought civil proceedings against the bank for not delivering advertised benefits for various banking packages.
Westpac apologies for overcharging 25,000 New Zealand customers $6.35m
Major bank Westpac has apologised after overcharging its New Zealand customers by more than $6m, by not giving them advertised benefits on a range of products.
Westpac NZ admits overcharging customers $6.35m
Westpac New Zealand has admitted to “misleading representations” that resulted in $6.35 million in overcharges, the Financial Markets Authority said. The FMA said Westpac made the admissions in civil proceedings brought by the authority at the High Court in Auckland.
Westpac Admits Misleading, Overcharged $6.35M
Westpac New Zealand Limited has admitted to misleading customers entitled to advertised discounts as well as overcharging some of its business
Westpac Admits To Misleading Representations That Resulted In $6.35m In Overcharges
In the event, Westpac frequently overlooked the point; in turn up to 31% of eligible customers were overcharged. The overcharges were recorded in customers’ account statements (for account and card benefits) and/or their policy schedules and annual renewal letters (for insurance benefits).
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