The airline duopoly has defended card surcharges,saying they give customers choice and keep prices low.
Facing a backlash,the bank has paused a move that would have led to about 50,000 extra customers charged for withdrawing cash from branches.
Millions of small fees amounting to billions of dollars have been charged for two decades,dating back to the Howard government era.
Extra fees for paying on a card have annoyed consumers for years. Now there’s a compelling case for making significant changes to the surcharging regime.
The government estimates that major banks and card providers netted a whopping $4 billion in the past year from Australians,all thanks to surcharges.
Six years after the royal commission,there are signs of a re-emergence of poor behaviour. At the very least this looks like conduct slippage.
The corporate watchdog says the bank wrongly charged customers including pensioners,full-time students,recently-arrived migrants,and people with a home loan package deal.
AMP is compensating customers after investment products were mislabelled on a digital platform used by its aligned advisers.
The watchdog claims bank charged a transaction fee 1.3 million times despite receiving advice that this may have been illegal.
ANZ Bank has agreed to settle a legal claim over a type of bank fee for $1.5 million,conceding a small win to an otherwise unsuccessful class action against the lender over its fees.