National Australia Bank (NAB) has been ordered to pay a $2.1 million (US$1.4 million) penalty for charging customers incorrect fees—with the judge calling the fine “wholly inadequate” and lamenting it couldn’t be more.
Federal Court Justice Roger Derrington wrote in an order on Sept. 22 that NAB continued to charge the fees for recurring payments from January 2017 until July 2018 even though it knew it had no contractual entitlement to do so.
