FMA warns Kiwibank for fair dealing failures
The NZ-owned bank overcharged 8663 joint account customers more than $900,000 between July 2011 and November 2024.
Kiwibank investigated after a customer complaint in 2023.
The Financial Markets Authority has warned Kiwibank for failing to apply fee waivers to joint account customers over more than a decade.
Between about March 2005 and November 2024, different versions of Kiwibank’s brochures said customers would not be charged transaction fees on certain accounts
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