ANZ acknowledges ASIC proceedings

Australia and New Zealand Banking Group Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 11 005 357 522
News Release
For Release: 30 May 2022


ASIC civil penalty proceeding relating to the charging of
credit card cash advance fees in some circumstances

ANZ today acknowledged that the Australian Securities and Investments Commission
(ASIC) has commenced a civil penalty proceeding relating to fees charged to customers in
some circumstances for credit card cash advance transactions made using recently
deposited unprocessed funds.

ASIC’s claim relates to a particular situation where funds are deposited to put a credit card
account into a credit balance, and a cash advance is subsequently made on the account
drawing down on the credit balance before the deposit is processed.

ASIC is alleging historic and ongoing contraventions of the misleading or deceptive conduct
provisions of the ASIC Act and of the general conduct obligations owed by credit licensees
under the Credit Act, relating to the display of recently deposited funds in customer
accounts.

ANZ is considering the matters raised by ASIC in its concise statement. ANZ will not be
providing further comment given the matter is now before the Court.


For media enquiries contact:

Stephen Ries
Head of Corporate Communications
Tel: +61 409 655 551

Approved for distribution by ANZ’s Continuous Disclosure Committee