NAB works out the cost of two enduring stuff-ups
National Australia Bank will repay more than $80 million to around 200,000 customers after analysis of two processing errors, one dating back more than 20 years. One error relates to the collection of bank account debits tax and annual fees on some home loan packages. The bank foreshadowed the errors back in May. The bank said it estimated the overcharging at $52 million for the home loan package fees and $10 million for the BAD tax. The bank will reimburse these fees, with interest that the bank estimates at $18 million. The bank will also set aside $30 million to cover remedial activities and contingencies. The average amount to be repaid to overcharged customers, including interest, is $1000, but the bank would not know until September exactly how many customers were overcharged.