Brief: ANZ refunds $10 million credit card fees
ANZ will refund A$10.2 million to more than 52,000 'Business One' credit card accounts, after it failed to disclose - or incorrectly disclosed - fees and interest charges for the product, in some cases as far back as 2009. Many of the 'Business One' credit card customers were small businesses, and ASIC has advised that no consumer credit card accounts have been impacted by this matter. Eligible customers 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, ASIC said.