Australia and New Zealand Banking Group (ANZ) has agreed to refund $28.8m to customers for failing to clearly disclose periodical payment fees charged to their accounts.

The bank is refunding customers about $25.8m of fees, and an additional $3m in interest. ?

Periodical payments serve as automatic 'set and forget' fixed-amount payments made by customers for regular expenses.

ANZ discovered that it was charging fees on payments made between customers’ own accounts, which were contrary to its definition of periodical payment, and self reported the matter to theAustralian Securities & Investments Commission (ASIC).

A total of 376,570 retail accounts and 17,230 business accounts were affected by the issue.

ASIC deputy chairman Peter Kell said: “Good fee disclosure is integral to ensuring that consumers are in an informed position about how best to manage the cost of their banking.”

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