ASIC finds banks owe $55 million in offset account compensation to customers
Australian Securities and Investments Commission reviewed eight banks' offset account practices and found they paid out $55 million in compensation from September 2023 to August 2025. Eighty-six percent of failures resulted from manual errors like misread instructions or wrong account numbers. ASIC estimates the actual compensation owed could be substantially higher, as most affected customers never discovered the problems.
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Published 31 Jul 2026, 19:01 UTC · Updated 31 Jul 2026, 19:10 UTC
Summary by OZbrief Editorial. Original report: SMH. Editorial policy · Corrections