Business
Commonwealth Bank wrongly charged $55 million in customer fees: ASIC – 7NEWS.com.au
The regulator said when customers complained, they were told the bank was contractually entitled to charge the fees, which was false.
The Commonwealth Bank wrongly charged almost one million customers nearly $55 million in monthly fees, and a regulator wants a hefty fine.
The Australian Securities and Investments Commission (ASIC) on Thursday said it is seeking penalties in the Federal Court, after the fees were charged between June 1, 2010, and September 11, 2019.
The customers were charged between $4 to $6 per month despite meeting conditions which made them exempt.
These included having a balance of more than $50,000, receiving…
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