ANZ refunds $70 million to home loan customers after major glitch

The ANZ Bank has refunded $70 million to 235,000 home loan customers, with some errors dating as far back as 2003 and leading to the bank to review all its home loan, savings and small business accounts.  

“Part of our ongoing program of work at the moment is to make sure that all of our accounts are performing in accordance with the terms and conditions documents that are out there,” ANZ’s Australian head, Phil Chronican, says.  

“When you discover an issue of this nature, you want to be 100% sure that you haven’t got anything else of that nature in your business, so we’ve been reviewing all of our products.  

“We literally are going through every product, every terms and conditions booklet, and checking the systems against the products against the terms and conditions.”

This article first appeared on SmartUpSmart.