15.6 C
Auckland
Thursday, June 20, 2024

Popular Now

Kiwibank faces criminal charges for overcharging customers $7 Million

Kiwibank legal news

Kiwibank is facing criminal charges from the Commerce Commission after it was found to have overcharged more than 36,000 customers approximately $7 million in fees and interest rates on home loans, credit cards, and overdrafts.

The overcharges, which stem from both manual and electronic system errors, were described as serious breaches of the Fair Trading Act by the Commerce Commission deputy chair Anne Callinan. She said they were ‘systemic issues’, some dating back to Kiwibank’s inception in 2002 which have led to long-term misrepresentations of what customers owed. The charges specifically address overcharges from 2019 onwards.

The investigation was initiated by Kiwibank, which identified and reported the overcharges to the Commerce Commission. Since then, the bank has been in the process of contacting affected customers and refunding the overcharged amounts.

Promoted Content

No login required to comment. Name, email and web site fields are optional. Please keep comments respectful, civil and constructive. Moderation times can vary from a few minutes to a few hours. Comments may also be scanned periodically by Artificial Intelligence to eliminate trolls and spam.

4 COMMENTS

  1. They are all broke . The ” credit default swap” invented in the 90 took care of demolishing totally, through greed the financial/insurance system. The 2008 crisis was ” resolved” through printing money ( quantitative easing). That is why we have now galloping inflation worldwide.
    But the cause is still there : “toxic” credits, e.i credits that will never be re- imbursed as too many were given to people unable to. So insured ” debt” cannot be re imbursed by insurers that go bankrupt etc.etc.
    And now all money is gone, although some bankers made a ” pakket”.
    So they are trying now to get YOUR money under diverse pretextes And WHEN, it is not IF, it crashes you will lose all your deposits.
    A simple explanation WHY one should buy gold or silver, in coins or jewellry and leave as little as possible on you bank account

  2. KiwiBank is a government-owned bank, and they are on record of having violating the civil and human rights of disabled persons, and harassing the same in front of other customers.
    The HRC can confirm this.
    We’ll NEVER do business with a bank that is owned by the government- especially the Uniparty Governments that live here perpetually, and have arrogant bank tellers and representatives who behave in an arrogant fashion and exude passive-aggresive behaviours and are rude and exhibit a superiority complex towards the customer.

    • The trouble is ALL banks are concerned.
      They all went BISTRO ( name of the system) which was indeed like casino.
      Does not matter if your bank is state own or private. They all thought they could give money away ( and get of course huge bonussen) and that the insurance companies would cover the risks of unpaid. Untill the unpaid debt was so enormous that the insurers went bankrupt AIG among others.
      So, buy and stack some groceries with long life like pasta, rice, lentils, oil etc. Because when everything goes bust you might also need it.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Trending

Sport

Daily Life

Opinion

Wellington
few clouds
12.6 ° C
12.8 °
10.6 °
72 %
2.6kmh
20 %
Thu
13 °
Fri
12 °
Sat
12 °
Sun
12 °
Mon
12 °