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The New Daily
The New Daily
Tim Dornin

Major banks to pay $126 million after dodgy insurance sales to customers

Insurance ANZ Westpac CBA
Major banks have been forced to cough up millions after selling customers insurance they didn't want. Photo: TND

Up to one million ANZ, Westpac and Commonwealth Bank customers will share in settlements worth $126 million after being sold consumer credit insurance of little use.

Without admitting any wrongdoing over the sale of insurance when customers took out credit cards or personal loans, CBA has agreed to pay $50 million, ANZ $42 million and Westpac $29 million.

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