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 ...

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 ...

It was the same story at National Australia Bank where offset account balances jumped to $43 billion at the end of September, up from $41 billion in March, and from $39 billion a year ago.

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.

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 ...

“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 ...

The Federal Court on Wednesday declared the lender had engaged in deceptive and misleading conduct, in breach of the ASIC Act, when it agreed to give customers that held offset transaction ...

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”.

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

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 ...