Tag: non_profit_accounts
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BNZ Pays $2.6 Million to Crown Following FMA Undertaking for Interest Calculation Breaches
BNZ has agreed to an enforceable undertaking with the FMA, paying $2.6 million to the Crown for breaches related to interest calculation on non-profit accounts. The bank apologized and confirmed all impacted customers have been remediated.
BusinessBankingFinancial MarketsLegalEconomy BNZFinancial Markets AuthorityFMAFinancial Markets Conduct ActNon-profit accountsInterest calculationEnforceable undertaking