BNZ admits misleading conduct and pays $2.6 million
Bank of New Zealand (BNZ) admitted to misleading customers on how interest was calculated for some non-profit accounts, breaching fair dealing rules. As a result, BNZ will pay $2.6 million to the Crown and has already remediated over 23,000 affected customers, totaling approximately $5.44 million in underpaid interest and use of money interest. The issue, which occurred between December 2014 and February 2024, stemmed from a discrepancy between their terms and conditions and the actual method of interest calculation.











