Numlock News: December 1, 2021 • Sloths, Antarctica, Raiders
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By Walt Hickey Fees Westpac, an Australian bank, will pay 113 million Australian dollars (81 million USD) and $57 million (USD) in compensation to customers as part of a series of investigations into the business practices of the bank — chiefly, that the bank charged $7 million in fees to 11,000 customers over a 10-year period. Normally that’s just good bank operation, but in this case the problem was that all 11,000 of those customers were dead, and the fees were related to financial advice services that were obviously not rendered. Westpac last year made headlines when it paid a $930 million fine related to a breach in money laundering laws.
Numlock News: December 1, 2021 • Sloths, Antarctica, Raiders
Numlock News: December 1, 2021 • Sloths…
Numlock News: December 1, 2021 • Sloths, Antarctica, Raiders
By Walt Hickey Fees Westpac, an Australian bank, will pay 113 million Australian dollars (81 million USD) and $57 million (USD) in compensation to customers as part of a series of investigations into the business practices of the bank — chiefly, that the bank charged $7 million in fees to 11,000 customers over a 10-year period. Normally that’s just good bank operation, but in this case the problem was that all 11,000 of those customers were dead, and the fees were related to financial advice services that were obviously not rendered. Westpac last year made headlines when it paid a $930 million fine related to a breach in money laundering laws.