ANZ fined $15m for misleading customers about available funds

Mark Battersby
clock • 2 min read

Australia's Federal Court has ordered Australia and New Zealand Banking Group Limited (ANZ) to pay a $15m penalty after it admitted to misleading customers as to the funds available to those consumers in certain credit card accounts. In a statement by the Australian Securities & investments Commission on 26 September, it said the court found ANZ breached the ASIC Act and the National Consumer Credit Protection Act by falsely indicating customers could obtain a cash advance from funds stated to be their ‘Available Funds' without incurring fees and interest. The Court found ANZ had not ...

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