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State Custodians Remediation Program
State Custodians has identified current and former customers who were overcharged for discharge fees and/or telegraphic transfer fees in relation to their loan account. Customers potentially affected by the discharge fee issue had loans with State Custodians from January 2006 to May 2017, and December 2020 to May 2022. Customers potentially affected by the telegraphic transfer fee issue had loans with State Custodians from October 2000 to June 2022.As part of State Custodians Remediation Program, we will be reaching out to all affected customers via SMS, email, postal letter and phone to apologise for this oversight and let them know they are eligible for compensation.
This compensation will take the form of a refund for the overcharging/erroneous payment, plus interest.
What to do if you are an affected customer
If you are one of the affected customers, you will receive a call from our dedicated Remediation Team, who will confirm your bank account details over the phone. If you prefer to provide your details to our team directly, you can call our dedicated hotline on 1300 154 582.Frequently Asked Questions
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1. Why are you conducting this remediation program?As part of State Custodians ongoing compliance activities, we have identified that certain customers were overcharged for discharge and telegraphic transfer fees. This overcharging was made in error. We are reaching out to all customers affected to apologise and compensate them for the overcharging.
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2. I am no longer a State Custodians customer – am I still entitled to a refundYes. You are not required to be a customer to be entitled to a refund. If you were affected by the issues outlined in 1. Why are you conducting this remediation program?, then we will contact you to organise your refund.
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3. How do I know this isn’t a scam?This is a remediation program conducted in accordance with guidance provided by the Australian Securities & Investments Commission (ASIC). If you have any questions or concerns about the program, you can contact our dedicated Remediation Team on 1300 154 582.
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4. Why do you need my bank account details?We need your bank account details in order to pay you the refund.
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5. Why do I need to verify my identity?The account verification is a security check to confirm that you were/are an authorised account holder and therefore eligible to receive the refund.
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6. How much money am I entitled to?The final refund amount will depend on the issue or issues that you are affected by. Interest will also be payable, and this will be calculated from the date of the original overcharging through to the date we pay the refund into your bank account.
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7. How has the remediation payment been calculated?The remediation payment consists of the amount that you were overcharged, plus interest calculated from the date of the original overcharging through to the date we make the refund into your bank account.
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8. How soon can I expect to see the remediation payment in my bank account?If you are eligible for a refund, we will make a payment into your bank account within 7 days of receiving your bank account details.
Who do I contact for more information?
If you would like more information about State Custodians Remediation Program, please get in touch with our dedicated Remediation Team.Phone: 1300 154 582 from 9am – 5pm (AEST/AEDT), Monday to Friday.
What do I do if I’m dissatisfied with the outcome of the programme?
If you have a question or query, our dedicated Remediation Team is here to help. You can call them on 1300 154 582 from 9am – 5pm (AEST/AEDT), Monday to Friday, or send them an email at any time at remediation@statecustodians.com.au.If you would like to make a complaint, you can find out more about our public complaints policy here.
If you are dissatisfied with our response to your complaint, you can raise your concerns with the Australian Financial Complaints Authority (AFCA) on 1800 931 678 or info@afca.org.au. AFCA is a free, independent service established to provide you with a mechanism to resolve specific complaints about financial institutions.
