ING customers hit by April Foolâs Day mortgage rate bungle
Apr 6, 2021 â 4.11pm
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ING Australia is scrambling to fix a serious systems error that caused an unknown number of customers to be overcharged an unquantified amount for mortgage payments and which began on April Foolâs Day.
Customers of Australiaâs sixth-largest property lender were slugged with interest rates about 70 basis points higher than they should have been as the four-day Easter weekend break loomed.
Regulators have been cracking down on institutions that charge customers the wrong fees or rates.Â
âPhil Carrick
The errors are understood to be contained to the bankâs Orange Advantage mortgage product, which includes an offset account. Customers who logged into their accounts when the problem emerged could also see the incorrect rate that had been applied in addition to being overcharged.
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