TSB ordered to pay $2.47m for charging 'unreasonable fees'

TSB Bank overcharged 42,000 credit contract customers. (Image: Supplied)

Tue, 27 Aug 2024

TSB Bank has been ordered to pay a $2.47 million penalty to the Crown after charging $3.6m more than it should have in unreasonable credit and default fees.The Commerce Commission issued a statement on Tuesday saying it had concluded its legal action, brought in the High Court at Auckland, against TSB for breaches of the Credit Contracts and Consumer Finance Act (CCCFA).In his judgment, issued on Aug 27, Justice Pheroze Jagose said the proceedings arose from the Taranaki-based bank overcharging 42,000 credit contract customers by about $3....

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