ANZ hit with $152 million in fines and repayments for withholding benefits ...

The Breakfree package, introduced in 2003, offered fee waivers, interest rate discounts on home loans, credit cards and transaction accounts and other benefits in exchange for paying an annual fee.

Customers with offset accounts, meanwhile, were entitled to reductions in the interest charged on home and commercial loans, that were, again, not always provided. The Court ordered ANZ to pay the ...

Australia and New Zealand Banking Group ANZ.AX was fined A$25 million ($16 million) by the federal court for failing to provide agreed benefits to customers with offset transaction accounts ...

When you have multiple offset accounts, the combined value is offset against the home loan, further reducing the interest payable on your mortgage. An offset account is a type of transaction ...

Offset transaction account holders were entitled to interest rate reductions on eligible home and commercial loans and these benefits were not always passed on to the customer. ANZ was found to ...

Banks have been overhauling their home loan options, with ANZ and NAB removing package ... Canstar’s Steve Mickenbecker says paying higher offset account interest is often “not logical”.

“The rise in offset accounts has been astronomical over the ... At Westpac, offset balances grew from $41 billion in 2019 to $60 billion. At ANZ, they grew from $27 billion to $47 billion ...

ANZ failed to provide benefits such as fee waivers and interest rate discounts to about 689,000 customer accounts The failing impacted "Breakfree" package customers and offset account customers ...

ANZ said the remediation program for the offset account issues has now been completed, and a majority of payments have been made to customers affected by the Breakfree package issues. The ...