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Kiwibank Response To FMA Proceedings.
As a purpose-led organisation, Kiwibank has and continues to take any issue impacting its customers seriously. This includes proactively seeking out and investigating issues where, like in this case, manual processes have led to errors. We are sorry for the impact this issue has had on our customers. We remain committed to finding any such issues and making them right.
This case relates to customers who were eligible to have the transaction fees waived for their personal banking accounts. However, we incorrectly charged these transaction fees to some customers when we shouldn’t have. Kiwibank discovered the issue in August 2019 and quickly fixed the problem. We’ve apologised to our customers for the error and fully refunded those fees and any interest they would have earned on that money. Kiwibank customers who have any questions about this issue can find more information on our web page.
Kiwibank has acted proactively, openly, and transparently with the FMA on this matter. We are unable to comment any further now that it is before the courts.
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