Credit card compensation payments

What happened

Between 16 May 2017 and 2 March 2018, Westpac New Zealand Limited (“WNZL” or “we”) identified that, as a result of a system upgrade, some customers did not receive the necessary information required under the Credit Contracts and Consumer Finance Act 2003 regarding the terms and conditions of their credit cards, including associated fees and interest charges that applied to those accounts.

What we’ve done about it

We proactively contacted the Commerce Commission promptly following discovery of this issue. We’ve since provided impacted customers with the necessary information and introduced process and system changes to prevent the issue occurring again. We are now in the process of compensating all affected customers in accordance with an agreement entered into with the Commerce Commission.

Where we’re up to

A group of customers have already been compensated and we are now commencing remediation payments to all customers we have a suitable payment account for. Current customers who hold a WNZL credit card, or other appropriate account into which funds can be credited, will receive their compensation payment in the coming month. Customers who no longer have accounts with WNZL, or who prove difficult to contact, will be sent compensatory payments by cheque, to their last known address on record.

If you have any questions

You can contact us at ccletterrem@westpac.co.nz

We apologise to all customers who were affected by this issue.