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‘Betrayed the trust of Australians’: ANZ bank pays record $240m fine for widespread misconduct (www.theguardian.com)
submitted 3 days ago by [email protected] to c/[email protected]
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[-] [email protected] 5 points 3 days 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.

[-] [email protected] 3 points 2 days ago* (last edited 2 days ago)

I should really change to Bank Australia at some point, but I can't be bothered unless Visa cracks and allows LGBT content again (I'm currently on Mastercard).

[-] [email protected] 1 points 2 days ago

I endorse Bank Australia. They recently wiped a bunch of their fees https://www.bankaust.com.au/banking/fee-updates

[-] [email protected] 1 points 2 days ago

They're the only bank in my town that isn't for-profit. I just need the initiative.

Come to think of it I don't actually care about my issue with Visa and Mastercard very much. I should just ignore it and go with the better bank.

[-] [email protected] 9 points 3 days ago

https://youtube.com/watch?v=Fj1PnEh6MAg

Every time I see one of these stories. Did the fine actually exceed their profit from the misconduct?

[-] [email protected] 3 points 3 days ago

FR. Fines need to be based on at least double what the misconduct earned them.

[-] [email protected] 2 points 2 days ago

I caught his coverage of the fine yesterday on 9 news, he pointed out that their share price actually rose afterwards, so the fine didn't really hurt them in any way.

[-] [email protected] 2 points 3 days ago

In ten years we have had major fines of ANZ, Westpac, CBA. Next is National Bank?

[-] [email protected] 3 points 3 days ago

This is why CEOs need such big pay packets /s

[-] [email protected] 1 points 3 days ago

That's it?

this post was submitted on 15 Sep 2025
32 points (100.0% liked)

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