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The Bank of New Zealand (BNZ) will pay a $2.6 million fine after admitting it misled customers on how interest is calculated on some non-profit bank accounts.
The Financial Markets Authority said the breach of the fair dealing rules took place over a nine-year period, from December 2014 to February 2024, affecting 23,103 customers.
The interest was supposed to be calculated daily, but was calculated on the lowest monthly balance instead, resulting in customers being underpaid a total of $5.39m.
BNZ self-reported the issue to the FMA and paid out the correct interest to affected customers, plus interest on the use of their money for a total of $5.44m.
