Westpac to refund $5.7m to customers charged incorrect fees

Westpac says it is refunding $5.7 million collectively to more than 30,000 customers who paid incorrect bank fees.

It said it had identified that some customers with multiple banking products did not receive the correct discount on their Access transactions account. 

"This review identified a discrepancy in the way their fee waiver was calculated and applied," a spokesman said.

"We prioritised resources to determine the extent customers were impacted and address the problem."

Affected customers were now being told that they would receive a portion of the $5.7m refund, which included a compensation component to recognise account interest that would have accrued during the relevant period.