Homeowners are paying more interest than they should because banks messed up offset accounts — designed to slash mortgage costs — leaving thousands in the lurch. A major ASIC report found banks failed to link accounts correctly or even knew if customers had requested them, costing customers millions in extra interest. One customer paid $3,500 in just one month due to a glitch. ASIC warns banks must fix basics and stop forcing customers to chase them for fixes. While banks say 99% of cases were handled right and compensation has been paid, the scale and duration of errors raise serious concerns about oversight and transparency.
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