BANK of Queensland will refund
customers $12 million after an error led them to pay too much interest on home
BOQ discovered that it had failed to link offset accounts to home loan accounts for
at least 6000 customers for a number of years.
The mistake meant that money held in those offset accounts did not reduce the
interest payable on the home loan accounts.
The bank reported the system error to The Australian Securities and Investments
Commission and will compensate customers over the next 10 months.