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Banks refund millions after offset account blunder
Published 2 weeks, 2 days ago
Description
ASIC has uncovered a major banking failure where eight lenders, including three of the big four banks, failed to properly link thousands of customers' offset accounts to their mortgages. The error, primarily caused by manual linking processes, has resulted in customers being overcharged millions in interest, with banks repaying over $55 million in compensation for offset errors between 2024 and 2025. Individual losses include one customer paying over $3,500 in excess interest in a single month, and another couple losing more than $17,000 when refinancing.
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