ASIC says the ANZ bank will refund $10.2 million to 52,135 business credit card accounts, after it failed to properly disclose fees and interest charges for the product.
ANZ reported to ASIC that for some of their ‘Business One’ business credit card customers they either failed to disclose, or incorrectly disclosed (in some cases from as early as 2009):
- Applicable interest rates
- The interest-free period
- The annual fee
- When an overseas transaction fee might apply
- The amount payable for overseas transactions with foreign merchants or financial institutions.
ANZ has contacted eligible customers to advise they will receive a refund with interest. Former customers will receive a bank cheque and current customers with an open account will receive a refund paid into their account.
ANZ has since updated its procedures and fee information for Business One.
Customers with queries or concerns about this matter should contact ANZ on 1800 032 481.
Background
No consumer credit card accounts have been impacted by this matter.
Many of the ‘Business One’ credit card customers were small businesses. In 2017 ASIC launched a small business strategy to assist, engage and protect small businesses.
ASIC acknowledges the cooperative approach taken by ANZ in its handling and reporting of this matter.
