ANZ has changed its processes after having to repay nearly 400,000 customers almost $29 million in overcharged fees, a parliamentary committee has been told.
The fees were supposed to be imposed on payments made to another person or business, but were wrongly charged to some customers transferring money between their own accounts.
"That was a mistake, it was a mistake made in the programming, the algorithm if you will of doing that," CEO Shayne Elliott told the House of Representatives economics committee in Canberra on Wednesday.
"We have done an audit of that and we have changed our processes in terms of testing and making sure that terms and conditions are transferred into absolute accurate algorithms and charges going forward."
Mr Elliot admitted there would have been consequences for staff who made the mistake, but he would have to come back to the committee with details.
