Commerce Commission fines TSB Bank $2.47m for overcharging customers through unreasonable fees.

The Commerce Commission fined TSB Bank $2.47m for historical breaches of the Credit Contracts and Consumer Finance Act. The bank overcharged customers by approximately $3.6m through unreasonable credit and default fees, and self-reported the issues to the Commission. They have made remediation payments of around $6m to 48,000 affected borrowers. The Commission emphasizes regular review of fees to ensure they are reasonable.

August 27, 2024
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