Business
Commonwealth Bank Australia customers overcharged $2.9m: ASIC – 7NEWS.com.au
The average customer was out of pocket about $1500 with one customer overcharged by $17,522.
The financial services watchdog has dragged Australias biggest bank back to court over the slugging of inflated interest charges upon more than 2200 customers.
The Commonwealth Bank is accused of charging 34 per cent interest on business overdraft accounts between December 2011 and March 2018 despite the advertised rate of between 14.55 per cent and 16 per cent.
The difference netted the bank more than $2.9 million, financial regulator ASIC said in court papers on Tuesday.
Overdraft is a form of…
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