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Around the World => Australia Discussion => Topic started by: deborah on January 06, 2023, 01:50:58 PM

Title: Australian Bank refunds of fees for no service
Post by: deborah on January 06, 2023, 01:50:58 PM

Due to the Banking Royal Commission and subsequent trials, I have been identified as having (possibly) paid fees for no service (well before I joined MMM), and am getting the money back. With interest. At the cash rate at the time +6% compounded monthly. Is anyone else in the same situation?

Title: Re: Australian Bank refunds of fees for no service
Post by: mjr on January 11, 2023, 12:55:34 PM

My old super fund (from 6 years ago) sent me $6000 last year because they reckoned they hadn't communicated information to me that would have resulted in money for jam if I had acted on said information at the time.

Presumably this was brought on by the Royal Commission finding.

Title: Re: Australian Bank refunds of fees for no service
Post by: Lukim on February 01, 2023, 01:47:31 AM

I received a payment of about $40,000 from Westpac more than 12 months ago (a substantial chunk was interest).

I was surprised to receive it but didn't argue about it.

Title: Re: Australian Bank refunds of fees for no service
Post by: Lukim on February 15, 2023, 07:37:15 PM

Westpac sent me a further $17,000 at start of February.  Half of the amount was interest.

Very happy with the outcome of the Royal Commission!

Title: Re: Australian Bank refunds of fees for no service
Post by: Model96 on June 03, 2023, 06:45:33 AM

CBA sent me a couple of large amounts from a superannuation product of theirs I used for only a year. Interest had doubled the original amounts.
Makes you wonder what the real extent of the thievery was, given that the Royal Commission was severely limited in scope and duration.