One in four Australians could be eligible for refund from big bank ‘junk insurance’
An independent consumer expert says one in four Australians could be eligible for a refund from add-on insurance, also known as “junk insurance”.
Joel Gibson says around 5.6 million of these policies were sold to Australians over the past decade, many of whom won’t know and would be eligible for a refund.
It comes as the Commonwealth Bank plead guilty to criminal charges for selling insurance to 165 people who were ineligible claim the benefits.
It faces a maximum fine of $51 million.
2 out of 4 Big Banks are now in court for selling Junk Insurance! @ASICMedia has today brought 30 criminal charges against @commbank for mis-selling Junk Insurance. Max penalty $51m. Meanwhile @westpac also has civil charges pendinghttps://t.co/Zsi63QXCrp
— Joel Gibson (@joelgibson) September 16, 2021
Western Australia currently has the second highest average amount of refunds being paid, with one couple receiving a $15,000 refund.
“If you’ve had a credit card or a loan in the past ten years, there’s probably about a one in four chance you’ve paid for one of these insurances,” Mr Gibson told Liam Bartlett on 6PR Mornings.
“And that means you’re probably entitled to a refund.”
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