Banks charged mortgage holders $55m in extra interest after offset account errors, Asic finds

AI Summary

Australian banks ‘not getting the basics right’, regulator says after review of more than 200,000 home loans Get our breaking news email, free app or daily news podcast Asic has accused banks of “not getting the basics right”, after the regulator found faulty mortgage offset accounts meant borrowers were being overcharged tens of millions of dollars in extra interest payments. Newsiline summarises this report from The Guardian Australia and links readers to the original publisher for the full story.

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