Kiwibank has pleaded guilty to 21 criminal charges by the Commerce Commission for breaches of the Fair Trading Act, resulting in overcharges of $7 million for over 36,000 customers.
The charges relate to overcharged fees and interest rates on home loans, credit cards, and overdrafts since 2019.
Kiwibank reported to the commission, apologised to customers, and started the refund process.
The bank has proactively identified the problems and cooperated with the commission’s investigation.
Chief executive Steve Jurkovich said the bank and the commission were “aligned in their views on the appropriate penalty”, which would be determined by the Auckland District Court.
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