In March, ANZ National Bank was fined $1.325 million after pleading guilty to charges of failing to disclose properly the fees charged for overseas currency transactions on its credit cards. This was the highest total fine ever imposed under the Fair Trading Act in a single case. The bank also agreed to refund $10 million to ANZ and National Bank customers who had made foreign currency transactions on their credit cards. The Commission believed that disclosing the fees correctly would generate greater competitive pressure on banks, ultimately reducing the fees charged to consumers. In July, BNZ also pleaded guilty to similar charges. BNZ was fined $550,000 and agreed to pay $5 million in compensation to customers who had made foreign currency transactions on their cards. In September, Westpac admitted it had also breached the Fair Trading Act. The bank was fined $570,000 and agreed to pay $4.5 million in compensation to customers.