Ben Squires
Money & Banking

Major bank set to refund 200,000 Australians

2017 has been a bit of a funny year for the Big Four, and it’s set to take another twist as one major bank has announced it would be refunding 200,000 Australians.

Westpac made the stunning announcement on Thursday, after conceding it had short-changed affected customers a sum to the tune of $65 million.

Customers who had Premier Advantage Packages with Westpac or Advantage Packages with offshoots Bank of Melbourne, St George and BankSA, since 2010 are affected.

Westpac says customers had been asked by the bank to “opt in” for discounts they should have received automatically. Customers who would’ve stood to save thousands on products like home and contents insurance and term deposits missed out.

“Customers do not need to do anything,” Westpac consumer chief George Frazis told News.com.au.

“Over the coming months, we will provide refunds, including appropriate interest, to any customers who may have been entitled to a benefit but weren’t aware they needed to opt in.

“The packages have since been simplified and all benefits are now automated.”

Westpac was quick to note the other components of the products were correct.

The bank reportedly went straight to the Australian Securities and Investments Commission when it noticed the problem, which advised this course of action.

“When we identified these issues we started the process of putting things right for customers. We also notified ASIC,” Mr Frazis said.

“Westpac apologises unreservedly for a process that did not suit customers. By automating the discounts, we have ensured that our customers will not be affected in this way again.”

What’s your take? Do you bank with the Big Four?

Tags:
finance, scam, bank, Money & Banking, refund, Westpac, Big Four