Australia’s Westpac to refund 200,000 customers holding ‘packaged’ accounts

(Reuters) – Australia’s Westpac Banking Corp <WBC.AX> said on Thursday it will provide refunds to about 200,000 customers holding “packaged” accounts, or accounts with additional benefits, and book an after-tax charge of A$45 million ($35.33 million) in fiscal 2017.

“Some customers did not receive discounts on ancillary products such as home and contents insurance and term deposits. The packages have since been simplified and all benefits are now automated,” the bank said in a statement.

($1 = 1.2739 Australian dollars)

(Reporting by Rushil Dutta in BENGALURU)

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Former reporter and currently mareeg media representative in Somalia