Our investigation

We reviewed the available bank records which dated back to 2022.  We found Steven was right to be dissatisfied with the bank's processes. The information revealed problems with manual entry, reinvestment letters, online reinvestment settings and the bank’s complaint-handling. It also showed unresolved matters with three term deposits – for which it offered Steven $250. It also acknowledged that Steven had identified a problem with certain online reinvestments.

The bank subsequently acknowledged Steven’s concern about term deposits for which the bank no longer held records. It offered an extra $2,000 for the uncertainty he had experienced about his term deposits before 2022.

Steven rejected the bank's offer and maintained that he wanted all customer accounts at the bank audited. However, our role is to resolve individual complaints. We are not a regulator and could not have the bank audited

The bank’s terms and conditions and tax guidance about resident withholding tax said the bank deducted tax from interest before paying that interest to an account. We therefore found the bank had deducted tax correctly.

Given the value of the identified errors, we considered the bank's offer of $2,250 was fair and reasonable and recommended he accept it. 

Outcome

Steven did not accept the recommended compensation.