Bank of New Zealand (BNZ) confirmed today it has made goodwill payments to customers affected by historic errors in home loan documentation.
The mistakes were caused by systems and process issues in 2015 and were discovered during an internal investigation. BNZ voluntarily self-reported the issues to the Commerce Commission in 2018 and has been working constructively with them since.
BNZ has decided to make goodwill payments of $350 to every customer affected.
BNZ Executive, Customer, Products and Services, Dan Huggins, says, “We sincerely apologise to every customer affected by this and we deeply regret the errors. We hold ourselves to a high standard and in this case, we missed the mark.
“While no customer was out of pocket or raised any concerns with us, it’s possible people may have been confused by the errors in their documents, so we’re putting it right.
“When we make a mistake, our focus is always on ensuring we fix the issue as quickly as possible and make it right for our customers,” says Mr Huggins.
Customers do not need to do anything. The vast majority of customers affected by these errors will have already received a letter confirming this and their payment. A small number of payments and letters will be processed over the next few days.