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NAB refunds $1.7m for overcharging interest

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Australian Broker | 19 Dec 2017, 10:37 AM Agree 0
The bank has compensated 966 home loan customers after failing to properly set up their mortgage offset accounts
  • CP | 19 Dec 2017, 10:49 AM Agree 0
    Feel a lot better knowing we and our clients are in good hands......
  • Regional | 19 Dec 2017, 10:49 AM Agree 0
    This is the Bank that want's to introduce commission on loan amounts drawn only and also only wants to pay trailing commission on the difference between the offset account and the loan amount. Are they sure they can administer this ?
  • | 19 Dec 2017, 11:10 AM Agree 0
    This has always been an issue with NAB, and I know from clients as well as my own experience!
  • Tim H | 19 Dec 2017, 11:17 AM Agree 0
    NAB already pay commission net of the offset account. My concern is that if they have found this issue now with all these loan and offset accounts will they try and clawback the trailing commission they have paid to brokers in error. Surely not ......
  • Old Broker | 19 Dec 2017, 02:10 PM Agree 0
    No wonder certain parts of the Government wanted a Royal Commission into the Banks. It looks like all the major banks are emptying out the cupboards and coming clean on all the stuff ups they have made. How much more to come!!!!!!!!!!!!!!!!!!!!!!!!!
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