Commbank Refund Controversy
A recent poll by CHOICE found that 88% of Australians believe the Commonwealth Bank should refund account fees to low-income customers who were wrongly charged.
Between 2019 and 2024, the bank collected $270 million in excessive fees from individuals on Centrelink incomes who should have been exempt.
The Australian Securities and Investments Commission (ASIC) has called on CBA to follow other major banks in refunding eligible customers.
CBA has argued that the affected customers are "diverse" with varying income, savings, and home ownership levels.
Author's summary: Commbank faces pressure to refund unfair fees to low-income customers.
- 88% of Australians support refunds for low-income customers
- $270 million in excessive fees collected between 2019 and 2024
- ASIC has called on CBA to refund eligible customers
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