The corporate regulator is suing ANZ for overstating its account balances and charging incorrect fees.

The Australian Securities and Investments Commission (ASIC) says that between May 2016 and November 2018, around 165,750 ANZ customers were charged cash advance fees and interest for withdrawing or transferring money from their credit card accounts based on an incorrect account balance.

ASIC says the issue is still yet to be “adequately fixed” and that customers are still being affected.

“We are concerned that, over a long period of time, ANZ overstated the available funds and balances on credit card accounts, and nonetheless charged fees and interest to customers who relied on this information when making withdrawals,” says ASIC deputy chair Sarah Court.

“In some cases, single customers were charged thousands of dollars in fees while the average cash advance fees and interest charged per affected account was $47.

“This alleged misconduct is the result of system errors within ANZ and a lack of effort to comprehensively fix these issues. We say that ANZ has been aware of the unlawful charging since at least 2018 and the problem is still occurring today.”

Could ANZ have charged you fees that it shouldn’t have? Are banks still behaving badly despite the financial services royal commission?