Westpac New Zealand Limited and Financial Markets Authority

The Commission, Westpac New Zealand and Financial Markets Authority reached a negotiated settlement whereby Westpac agreed to repay over $4 million dollars to over 100,000 past and present customers who were overcharged debit card fees when withdrawing money from Westpac ATMs in Australia. The Commission considered that Westpac was likely to have made misleading representations about the foreign exchange charges imposed on its customers who used debit cards to withdraw cash in Australia between October 2012 and August 2014.