Bankwest agrees to refund $4.9m to home loan customers

Published on February 4, 2017 4:03 am, by

Bankwest has agreed to refund $4.9 to almost 10,800 home loan customers it has overcharged.  The customers had home loans between 2007 and 2016 and set up offset accounts with Bankwest.  Bankwest failed to link the offset accounts to the home loan accounts and over charged interest on the home loan accounts.

Bankwest discovered the problems following an internal investigation and reported the issue to ASIC.

If you have a Bankwest home loan and an offset account and want to know more about this issue you should contact Bankwest on 1300 334 805.

“Banking systems and processes are complex and there is always a chance that errors will result in customers being over charged interest or fees.  It might seem a little strange but customers really should be checking to make sure they are being charged correctly” says Peter Lalor, CEO of MoneyBrilliant.

You can check the interest expenses on your home loan account if it is connected to MoneyBrilliant by using the Spending Reports feature.

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Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.

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