Westpac is refunding a total of $65 million to 200,000 customers with packaged accounts after they did not receive benefits to which they were entitled, including discounts on home and contents insurance.

The bank says it notified the Australian Securities and Investments Commission of the move, and the packages have since been simplified, with all benefits now automated.

Some business banking packages may have missed benefits, and affected customers will also receive refunds.
 

“Over the coming months, we will provide refunds, including appropriate interest, to any customers who may have been entitled to a benefit but weren’t aware they needed to opt in,” CEO Consumer Bank George Frazis said.

“Westpac apologises unreservedly for a process that did not suit customers. By automating the discounts, we have ensured our customers will not be affected in this way again.”