The Australian Securities and Investments Commission said on Thursday that bank will be compensating its 200,000 customers with about $13 million for its failure to calculate correct bonus interest payments.

The bank received complaint against the incorrect interest payments in 2013, the bank told the BBC, adding that the mistake dated back to 2007. The lender blamed system error, which it was trying to resolve. ANZ apologised to the customers. “There was an issue where some customers were either underpaid or overpaid the correct amount of bonus interest on their progress saver account,” ANZ’s media spokesperson Emily Kinnear told the BBC.

The spokeswoman said that the bank would not recoup overpaid amounts anymore error has affected 0.5 percent of the accounts every month. “Over the past month we have been refunding the amount underpaid to impacted customers which includes an additional amount of compensation in recognition of the bonus interest not being paid at the correct time. The majority of customers have now been reimbursed, and we expect the refund will be finalised this week,” a rep said as quoted by The Guardian.

The spokeswoman added that the review has now been completed and it is being ensured that no such error occurs in future. ASIC stated that the bank has taken the complaints very seriously and has started working on the same by refunding the payments to its customers. “Breach reporting helps ASIC ensure affected consumers are returned to the position they would have held if it were not for the breach occurring at all,” ASIC’s deputy chairman Peter Kell said.

In October, ANZ has recorded an annual cash profit of $7.2 billion, a 1 percent rise in the cash profits for 2014 until September 2013.

Contact the writer at feedback@ibtimes.com.au, or let us know what you think below.

RELATED STORIES