Kiwibank still taken to court despite $1.2m overcharge confession

Kiwibank still taken to court despite $1.2m overcharge confession
Steve Jurkovich is the chief executive of Kiwibank which has apologised for the error and repaid fees with interest. (Photo: supplied)
Dan Brunskill
The Financial Markets Authority has filed civil proceedings against Kiwibank for charging customers $1.2 million in fees that were specifically waived in its terms and conditions.Kiwibank’s terms and conditions said customers would not pay transaction fees on their accounts if they also had a home loan from Kiwibank, the regulator said.  However, the bank did not apply the waiver to approximately 35,000 home loan customers’ accounts and overcharged them a total of $1.17m between 2005 and March last year.This has led the FMA fil...

More Finance

Investor visas a gold mine for private credit
Finance

Investor visas a gold mine for private credit

More than $55m committed for residency destined for credit funds which lend to NZ firms.

Aussie broker giant CBN enters NZ with Folio deal
Finance

Aussie broker giant CBN enters NZ with Folio deal

CBN is backed by ASX-listed Steadfast Group.

John Anthony 11 Aug 2025
Capital gains tax to solve house-price affordability crisis?
Finance

Capital gains tax to solve house-price affordability crisis?

ANZ's Richard Yetsenga said house-price affordability is a significant challenge. 

Staff reporters 07 Aug 2025
Surcharge ban may not be a win for consumers
Finance

Peter Griffin: Surcharge ban may not be a win for consumers

There are winners and losers in the surcharge move.

Peter Griffin 30 Jul 2025