ANZ facing legal action for charging fees to deceased customers

The Australian Securities and Investments Commission (ASIC) is currently mounting a legal case against ANZ for allegedly charging account fees to deceased customers, and failing to fix system errors in a timely manner.

This is according to The Australian, who cite sources claiming ASIC is “actively weighing launching enforcement action against ANZ in the new year” based on a range of complaints, involving some 20,000 customers.

The commission will allege ANZ failed to stop charges to a number of accounts held in the name of deceased customers, to refund these fees, or to respond to deceased estates in a timely manner.