Westpac to refund $65 million to customers

Luke Keioskie
Thu 19 Oct

Westpac will refund $65 million to 200,000 customers after the bank identified some customers did not automatically receive benefits to which they were entitled.

The issue affected about 200,000 customers who held Premier Advantage Packages with Westpac or Advantage Packages with St George, BankSA, or Bank of Melbourne from 2010.

Westpac Chief Executive, Consumer Bank, George Frazis said: “when we get something wrong, we want our customers to have confidence that we will put it right”.

“Westpac apologies unreservedly for a process that did not suit customers,” Mr Frazis said.

Refunds are expected to total about $65 million, with an after-tax cost to Westpac of about $45 million, which will be included in Westpac Group’s FY17 financial results.

Affected customers do not need to do anything.  Westpac will provide refunds, including appropriate interest, to customers over the coming months.