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CommBank customers to receive $68m in refunds for incorrect bank fees
Commonwealth Bank will issue refunds to some customers who were incorrectly charged high bank fees. (ABC News: Keana Naughton)
CommBank has promised $68 million in refunds for incorrectly charged low-income earners on Centrelink payments.
The bank was put on notice by ASIC in July after a review found the bank had incorrectly charged customers a total of $270 million in fees.
ASIC says while it welcomes the refunds, it is disappointed that some customers will miss out.
Commonwealth Bank has confirmed it will refund "relevant" low-income customers who were wrongfully charged excessive bank fees, five months after the national corporate regulator found it had incorrectly slugged customers $270 million.
Commonwealth Bank bows to ASIC pressure with $68m in fee refunds
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Commonwealth Bank will repay $68 million in goodwill refunds to concession customers who were put into high-fee accounts, settling a long-running argument between Australia’s largest bank and the corporate regulator.
In July last year, the Australian Securities and Investments Commission released a report that investigated fees charged by the Commonwealth Bank, Westpac, Bendigo Bank and ANZ, and found multiple failings.
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