this post was submitted on 15 Sep 2025
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‘Betrayed the trust of Australians’: ANZ bank pays record $240m fine for widespread misconduct (www.theguardian.com)
submitted 3 weeks ago by fraiserouge@lemmy.world to c/australia@aussie.zone
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[–] Nath@aussie.zone 5 points 3 weeks 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.