Westpac Banking And Insurance Customers Entitled To Refunds

Post by Sharat on November 7, 2017 · Under banking · Comments Off on Westpac Banking And Insurance Customers Entitled To Refunds 

Westpac has announced that as many as 200,000 of its insurance and banking customers may be entitled to receive a part of a $65 million package of refunds after it was revealed that the lender failed to properly apply discounts to specific package deals. Westpac admitted it made an error which is likely to affect customers who hold Premier Advantage Packages. St George and the Bank of Melbourne customers who have held Advantage Packages since 2010 will also be entitled to receive refunds.

Discounts are usually automatic

In general bank customers tend to automatically receive discounts that they are entitled to for products such as credit cards and home loans. However, it appears that home insurance purchasers and holders of term deposits seem to have been impacted by the error. George Frazis who runs Westpac’s consumer banking division says that customers can now be assured that the process of applying discounts has been automated so that the issue will not be repeated in future.

Westpac focused on building long term relationships

Mr Frazis said the lender unreservedly apologises for a process that did not suit its customers. He added that the lender’s business depends on building long term relationships with customers so when the bank does get something wrong it is important to ensure that customers have the confidence in Westpac to make things right.

Customers entitled to refunds will be contacted by Westpac

Mr Frazis also made the admission that some business banking packages may have been affected by the error as well. Westpac has said that it will contact customers that have been affected by error and it has also established a website for customers wishing to pose questions or who have any concerns.

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