TSB to refund customers who overpaid break fees

Wed, 13 Dec 2017

By Sophie Boot Dec. 14 (BusinessDesk) - TSB Bank will repay customers who it overcharged for terminating fixed-term lending agreements between 2008 and February 2016. The bank identified three errors in the way it calculated the fee it charges for early termination (known as a break fee), and reported the errors to the Commerce Commission in April 2016 as a potential breach of the Credit Contracts and Consumer Finance Act (CCCFA). It overcharged some customers and undercharged others, but will not be seeking to claim money from those it...

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