Angry customers protest

Upset ANZ/ING customers took to the streets at Mount Maunganui again for a last public demonstration before the bank's deadline arrives.
Disgruntled customers have to accept the bank's offer on their mangled savings accounts on Monday, July 13.
About 14,000 bank customers were persuaded to remove savings from term deposits and place them into an ING ‘moderate risk' investment account.


Protestors at Mount Maunganui.

The bank failed to reveal its 49 per cent shareholding in ING and froze the funds in March when the $1 units dropped in value to 80 cents, says former investor Bruce Malpas.
The value then dropped to 20 cents.
Now the bank is offering 60 cents – if investors sign away rights to continue legal claims or benefit from legal action in connection with the funds.
The commerce commission is investigating.
Investor Peter Skinner says if the bank is prepared to pay 60 cents in the dollar, then it should pay the full amount.
'They say it's a final statement,' says Peter. 'I say I'll sign it under duress, without prejudice and continue protesting.”
It is only the bad publicity for the bank created by the ‘frozen funds' groups protests about the country that has forced ANZ bank to make the 60 cents offer, says Peter.

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