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TSB Bank will pay back overcharged fees

TSB Bank will refund its customers' overcharged fees after reporting itself to the Commerce Commission.

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Three errors led to TSB wrongly calculating break fees for fixed-term loans between 2008 and February 2016.

The bank says it will contact customers who are entitled to a refund by the end of January. However, those charged a break fee of less than $400 between 1 October 2008 and 28 February 2013 will need to contact TSB and ask if they are entitled to a refund.

TSB reported its error as a potential breach of the Credit Contracts and Consumer Finance Act to the commission in April 2016.