ANZ will refund about $5 million to around 25,000 customers, including pensioners, after botching their account fees.
The corporate watchdog said on Wednesday the bank failed to properly apply fee reductions and waivers for customers who held an Access Basic account, a consumer credit card or an Everyday Visa Debit Card since 2007.
The failures were due to breakdowns in the interaction between automated and manual processes, and unreliable manual processes, the Australian Securities and Investments Commission said in a statement.
The Access Basic account is aimed at low income customers such as pensioners and those holding a Centrelink Health Care card.
"ANZ's Access Basic account is specifically designed for low income consumers who are unable to pay high fees," ASIC deputy chairman Peter Kell said.
"This matter highlights the importance of appropriately managing manual processes to apply fee waivers and discounts, and designing and maintaining robust systems to support such features."
The bank alerted ASIC to the problem, and the refunds will also include an additional amount of interest.
ANZ has since introduced a permanent automated waiver system, eliminating the need for manual intervention.
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