Westpac has been fined $3.25 million by the High Court for breaches involving misleading conduct and overcharging nearly 25,000 customers a total of $6.35 million.
The Financial Markets Authority brought the civil case after Westpac failed to deliver advertised benefits under its Employee, Gold and Platinum (EGP) packages, Association Packages, and agreed business account pricing between 2004 and 2021.
The court acknowledged Westpac’s full cooperation, early admission of liability, and remediation of affected customers, granting a 35% discount on the penalty.
Just wondering if the 25,000 customers get their 6.35 million back?
That’s $254 each right?
How do I know if I was the one ripped off?
White collar criminals in NZ never have to repay their ill gotten gains, so nah pretty unlikely I’d say…
Whole banking system is corrupt….and they hate physical cash.
….’granting a 35% reduction on the penalty’…
THAT says it all- the government supports the Zionist Banksters which has yet to do anything via the Banking Ombudsman’s Office for the New Zealand Loyal Party, which is being refused banking services here in NZ due to ‘Anti-Money Laundering’ and ‘Anti-Terrorism’ ‘laws’…
(what would be the response of both the Labour and National Parties of they were encountering obstructive behaviours on the part of the banks via de-banking…)
The mainstream banks in NZ are always seemingly staffed with ‘Customer Service / Tellers’ who are always trying to push the ‘Bank Products’ on to customer / client. We simply say ‘NOT interested’, as most of these ‘investment products’ support the small hatters anyway.
Noteworthy also are the nasty behaviours that some bank tellers display after they see your balance on the screen. They then become obstructive, abrupt, and passive-aggressive at the least, to full-blown war-like verbage at the most. OR-
If you’re known to your local branch, and had previously taken action against their antics via the HRC for violating your human rights and the Banking Ombudsman for the behaviour(s) of the banks.
Banks and governments always loot the personal accounts, treasuries, trusts, and stock-based options before they collapse economically, taking our money with them as per the small print on the ‘terms and conditions of the account(s).