ComCom - Commerce Commission

Co-operative Bank Fined NZD 2.482 Million (about USD 1.46 million) for Unreasonable Customer Fees Co-operative Bank has been fined $2.482 million for charging customers unreasonable fees. This follows a settlement agreement with the Commerce Commission, after the bank admitted to breaches and self-reported its conduct. The bank has reimbursed approximately $7.225 million to 48,249 customers. The breaches, involving fees on home and personal loans, occurred between June 2015 and November 2021. Justice Heine noted the failures in compliance and processes at Co-operative Bank. The penalty aims to deter similar non-compliance in the future, emphasizing the importance of robust compliance practices.