ANZ is set to pay 3.25 million dollars to the Crown after more than 200 thousand customers were affected by misleading statements

The country's biggest bank has admitted to breaching fair dealing laws, following a Financial Markets Authority investigation.

For certain periods between 2012 and 2023, it found when some customers went into unarranged overdraft - ANZ charged a fee, and excess interest where the payment was ultimately dishonoured.

However the bank's terms and conditions only allowed either the unarranged overdraft fee to be charged or the payment to be dishonoured.