The resident, who wishes to remain anonymous, received a cheque for more than $1000 in early September from an institution involved in the recent banking royal commission.

The royal commission has seen Australia’s big four banks and other institutions put under the spotlight, and an interim report was published on September 28.

The report states “greed” and the “pursuit of short term profit at the expense of basic standards of honesty”, as a cause for much of the bad behaviour slammed during the royal commission.

While the resident says he is “happy” with the refund, he feels much more money could be owing to him and other Australians after his over-payment took years to be acknowledged.

“It concerns me that there may be more of my money hidden away,” he said.

“How many millions of dollars has been sitting there making these institutions interest.”

The resident received a letter with the refund which stated “after a recent review” of his account, he had “overpaid” a car loan with the institution.

“Please accept our apologies for any inconvenience,” the letter read.

The resident said they had thought the loan had been paid to “zero”.

He said he feels the institution is reviewing its past dealings with customers as a consequence of the royal commission.

“This is a surprise. It’s one I didn’t even think of. Everyone is talking about the banks right now,” the resident said.

He said the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was long overdue.

“It was high time, and obviously it is starting to have some impact,” they said.

“I should now be looking back through my past dealings to see if it all adds up.

“You don’t check those things because you assume they are correct.”

The institution offering the refund was contacted for comment, however did not respond.