Westpac NZ is compensating new credit card customers who received their card without receiving a welcome letter containing disclosure information between May 2017 and March 2018.
Westpac NZ General Manager of Consumer Banking and Wealth, Gina Dellabarca, said an error during an upgrade to Westpac's IT systems resulted in the letter not being sent to the affected customers. Westpac proactively identified the error and reported it to the Commerce Commission.
"We apologise to all the card holders affected and want to reassure our customers that our systems and processes have been upgraded," Ms Dellabarca said.
Westpac NZ is contacting affected customers to inform them of the compensation payment, in line with procedures agreed with the Commerce Commission.
19,365 customers will be paid a total of $3.7m, in accordance with a settlement agreed with the Commerce Commission.
