What’s happened?
We recently reviewed our Deposit and Savings Accounts and found that some accounts were incorrectly charged overdrawn interest due to a bank error.
We’re sorry this happened, and we have now fixed the error. We have refunded the incorrectly charged overdrawn interest and include compensation interest as part of the remediation payment.
Here is how we’ve calculated your refund:
- Determining the incorrect overdrawn interest charged; and
- Applying compensation interest based on the relevant cash rate from the time the error occurred until now, and adding 2.00% per annum to that amount, compounded daily from the date the error occurred until 30 November 2025.
We often make assumptions to your benefit when calculating the total refund amount that may include:
- If we have reason to believe that an account was impacted by the error, it is included which will ensure all customers are remediated and occasionally may result in customers being remediated who weren’t impacted by the error.
- The end of the impacted period may have been extended to ensure we complete your payment within that period resulting in additional compensation to your overall refund.
You may not recognise the account.
The impacted account may have been closed a while ago. Even though it was closed we still need to investigate and compensate you for the error and refund you where possible.
If you have an existing BOQ account, there may be reasons why we are unable to credit that specific account. These reasons can include system restrictions and/or complying with ASIC regulations.
You may need to seek tax advice on your refund.
We are unable to provide tax advice. Please refer to a registered tax agent for any information regarding tax advice and/or implications of the refund or visit the Australian Taxation Office website. You may also need to keep a copy of this communication with your tax records.
We’re here to help.
If you have any questions, or if there’s anything else we can help you with, please get in touch. You can reach out to your local BOQ branch during opening hours or call our friendly customer contact centre on 1300 55 72 72 from 8am–8pm Monday to Friday and 9am–5pm on a Saturday (AEST/AEDT).
If you’re not satisfied with how we’ve handled this, we’d like to hear from you. To submit feedback, lodge a complaint or get a copy of our Complaints Guide, visit our website (www.boq.com.au/feedback-and-complaints) or call us on the number above.
