Tag: overcharging
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FMA Warns TSB Bank Over Six Years of Business Account Overcharging
New Zealand's FMA has warned TSB Bank after it charged $0.25 fees on business cheque transactions that should have been free, affecting 7,309 accounts over six years.
BusinessBankingLegalFinancial Markets Financial Markets AuthorityTSB Bankbusiness cheque transactionsoverchargingTrish Millwardcustomer refundsNZ Financial Markets Authority
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FMA Warns Kiwibank for Overcharging Customers
The FMA has warned Kiwibank for overcharging customers on joint accounts between 2011 and 2024. Kiwibank overcharged 8,663 customers a total of $912,053.79. The FMA has said that Kiwibank could have identified the issue earlier.
BusinessPolitics and GovernmentFinancial MarketsBankingLegal FMAKiwibankFinancial Markets Authorityoverchargingfee waiversjoint accountsFinancial Markets Conduct ActNZ Financial Markets Authority