https://youtube.com/watch?v=Fj1PnEh6MAg
Every time I see one of these stories. Did the fine actually exceed their profit from the misconduct?
FR. Fines need to be based on at least double what the misconduct earned them.
I caught his coverage of the fine yesterday on 9 news, he pointed out that their share price actually rose afterwards, so the fine didn’t really hurt them in any way.
This is why CEOs need such big pay packets /s
I should really change to Bank Australia at some point, but I can’t be bothered unless Visa cracks and allows LGBT content again (I’m currently on Mastercard).
I endorse Bank Australia. They recently wiped a bunch of their fees https://www.bankaust.com.au/banking/fee-updates
I’m in this class action. I’ve been paid $236.81. Yay, I guess?
I was truly hurt when this happened to me 20 years ago, but now $236.81 goes nowhere near as hard. The most egregious thing ANZ did would be to take my account(s) into negative balance with fees, and then charge me $36 overdraft fee per account on going negative - then charge me daily compound interest on each negative balance until I realised that my account was in the red through actions that weren’t my own and costing me heavily.
While I recognise that I’m in a far better place financially to when this happened, this payment feels token at best. I don’t even remember what this number represents in terms of what damage was done to me as a percentage. But I’m moderately certain I lost more money than this to ANZ fees at the time than I’ve been compensated for.
In ten years we have had major fines of ANZ, Westpac, CBA. Next is National Bank?
