Bank of Queensland (BOQ) and its subsidiaries face scrutiny for charging fees and interest to deceased customers' accounts for four years. The Banking Code Compliance Committee (BCCC) investigates the bank's practices and finds significant breaches.
A major Australian bank, the Bank of Queensland (BOQ), and its subsidiaries, BOQ Specialist and Virgin Money Australia, have been reprimanded by the Banking Code Compliance Committee (BCCC) for charging the accounts of deceased customers over a period of four years. The BCCC investigation revealed that BOQ had failed to stop or refund more than 2,500 instances of fees and interest incorrectly charged to the accounts of dead customers between 2019 and 2023, totaling $158,834.
BOQ was initially flagged by the BCCC in September 2022 after an internal audit uncovered weaknesses in its systems for managing deceased members’ funds. While the bank had made some improvements in 2021, the BCCC found that these were not adequately implemented. The watchdog criticized BOQ's lack of urgency in addressing the breaches, stating that it took too long to implement effective measures to prevent future occurrences. BOQ has since rectified the situation by repaying the wrongly charged money between 2022 and 2024 and making improvements to internal processes concerning deceased clients’ estates. The bank acknowledged its wrongdoing and stated it has taken steps to prevent such charges from happening again. The BCCC investigation highlights a broader concern about banks' treatment of deceased clients’ estates, prompting the watchdog to urge all banks to ensure their operations align with the Banking Code. The BCCC emphasized the need for robust compliance frameworks to minimize negative customer outcomes and uphold the Banking Code's commitments
BANKING FINES DEAD CUSTOMERS BANKING CODE COMPLIANCE
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