Australia’s NAB fiend A$2.1m for wrongfully charging fees: report

Over 3,000 customers were affected.

The Australian Federal Court has fined National Australia Bank (NAB) approximately $1.3m (A$2.1m) for wrongfully charging customers periodic payment fees.

About 2,888 personal banking customers and 513 business payment clients across over 74,500 payment transactions were affected.

Between January 2017 and July 2018, the country’s second-biggest lender reportedly charged customers periodic payment fees for transferring money. 

This is despite knowing that they had no contractual entitlement to do so, the Australian Securities & Investments Commission (ASIC) said.

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Read more from Reuters.

(US$1 = A$1.56)