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

Thu, 09 Dec 2021

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...

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