Recommendation - 21 April 2017

Key Issues: Account transaction | authorised deposit taking institution | incorrectly credited funds 

Case summary

We found that the FSP incorrectly credited the consumer’s tax refund to her business account, causing her to lose part of her tax refund.

 As a result, we recommended that the FSP pay to the consumer:

  • the lost tax refund amount of $2,033.47, plus

  • interest calculated by reference to the official cash rate, in the sum of $53.61.

Follow this link for a full copy in PDF  Review |  Recommendation - 21 April 2017