Australian bank to refund overcharges

SYDNEY, July 28 (UPI) -- National Australia Bank will refund -- with interest -- $60.8 billion to customers who were mistakenly overcharged dating back over a decade.

Business accounts were overtaxed by roughly $7.6 million and customers paid annual bank fees numerous times, the Sydney Daily Telegraph reports.

Almost 200,0000 customers will get about $741 each.

Bank executives apologized for their mistakes.

"We have erred and we have erred for a long time," said CEO John Stewart.

This is not the first indignity the bank has suffered. In recent years, National Australia Bank was involved in a foreign trading scandal and a large-scale robbery at an Irish subsidiary.