Citibank will refund $3.3m to nearly 39,500 current and former credit card customers whose credit card accounts were closed with an outstanding credit balance.

The bank will provide refunds for Citibank; Virgin Money; Bank of Queensland; Suncorp and Card Services branded credit cards; and Citibank Ready Credit loan customers, according to the Australian Securities and Investments Commission (ASIC).

The eligible customers of the bank will receive a refund of the credit balance along with the interest. Citibank former customers will receive a bank cheque whereas the current customers will receive a direct credit into their account.

The closed credit card and loan accounts which had more $500 credit balance and were not transacted for seven years (or three years as applicable) have been transferred to Australian Securities and Investments Commission (ASIC).

ASIC deputy chair Peter Kell said: “Customers should be confident that when they close an account, they are refunded any outstanding balance. The customers may be entitled to claim their balance through ASIC’s MoneySmart website which holds unclaimed money from accounts which have been inactive for a certain period.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.