New Year ANZ Bank bonus for WA consumers

20/12/02
Western Australian customers of banking giant ANZ who had fixed rate personal loans between 1985 and 1996 could receive a windfall of up to $2,000 each.
Consumer Protection Minister John Kobelke said the ANZ had admitted to bungling about 70 per cent of the 362,000 personal loans taken out by customers between February 28, 1985 and October 31, 1996.
Under a national settlement still to be endorsed in some States, the bank has agreed to pay $1.65million compensation to customers.
"The average payment that eligible consumers can expect is between $700 and $750 for those who can produce copies of their fixed rate personal loan contracts," Mr Kobelke said.
"Those eligible consumers who can establish that they had a loan contract with the bank but are unable to provide copies of their contracts could receive a flat $100 payment."
Consumers who believe they are entitled to compensation should send copies of their contracts to ANZ's Melbourne lawyers to arrive before Wednesday January 22, 2003 and marked:
Attn: Anne Dalton, Blake Waldron Dawson, 101 Collins Street, Melbourne Vic 3001.
The bank's personal loan team has set up a special toll-free telephone number - 1800 353 969 - that will operate from January 6, 2003.
"With a large number of the fixed rate personal loan contracts of that time having errors in them, WA consumers who had these types of loans with the ANZ should send copies of their contracts to check whether they may be eligible for compensation," Mr Kobelke said.
"This legal win is great news for consumers who need to be confident that everyone, even banks, must operate fairly and rectify their mistakes."
Consumers who have previously contacted the bank about this matter do not need to do so again unless their contact details have since changed.
Minister's office: 9222 9211