That’s it?
‘Betrayed the trust of Australians’: ANZ bank pays record $240m fine for widespread misconduct
Submitted 21 hours ago by fraiserouge@lemmy.world to australia@aussie.zone
Comments
njm1314@lemmy.world 2 hours ago
Mister_Ruse@aussie.zone 20 hours ago
youtube.com/watch?v=Fj1PnEh6MAg
Every time I see one of these stories. Did the fine actually exceed their profit from the misconduct?
Taleya@aussie.zone 2 hours ago
FR. Fines need to be based on at least double what the misconduct earned them.
Nath@aussie.zone 23 minutes ago
I’m in this class action. I’ve been paid $236.81. Yay, I guess?
I was truly hurt when this happened to me 20 years ago, but now $236.81 goes nowhere near as hard. The most egregious thing ANZ did would be to take my account(s) into negative balance with fees, and then charge me $36 overdraft fee per account on going negative - then charge me daily compound interest on each negative balance until I realised that my account was in the red through actions that weren’t my own and costing me heavily.
While I recognise that I’m in a far better place financially to when this happened, this payment feels token at best. I don’t even remember what this number represents in terms of what damage was done to me as a percentage. But I’m moderately certain I lost more money than this to ANZ fees at the time than I’ve been compensated for.