ASB, one of New Zealand’s biggest banks, is being ordered to repay its customers nearly $9 million after being caught overcharging fees, TVNZ reports. The Commerce Commission has warned ASB over the lending failures which are thought to have breached its obligations under the Credit Contracts and Consumer Finance (CCCF) Act. ASB overcharged more than 48,000 Early Repayment Adjustment (ERA) fees and undercharged 11,000 ERA fees from consumers between April 2005 and December 2016. The overcharging concern came after ASB stood out as the lowest-ranked for overall customer satisfaction in an investigation by Consumer New Zealand.
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