CBA taken to court by ASIC over $26.4M in hidden CommBiz fees
- The Australian Securities and Investments Commission commenced civil penalty proceedings against Commonwealth Bank yesterday, alleging the bank overcharged about 42,000 business customers $8.5 million in undisclosed fees between November 2020 and May 2025.
- ASIC claims misleading terms have persisted since CommBiz launched in 2006, spanning about 19 years. The bank identified overcharging during a 2016 internal audit and received customer complaints from at least 2015, yet failed to rectify the issue.
- A small business paying 10 employees from two CommBiz accounts was charged 12 fees: 10 for payments to employees and two undisclosed fees for internal fund movements, ASIC said. Commissioner Alan Kirkland stated, "Small businesses are busy enough. They should not have to scrutinise every transaction."
- Seeking pecuniary penalties, adverse publicity orders, and costs, ASIC alleges the bank failed to accurately disclose all fees for direct debit and credit payments. Kirkland said, "We allege Commonwealth Bank broke a basic promise to its business customers."
- Commonwealth Bank previously completed a remediation program paying more than $26.4 million to approximately 93,000 customers, including about 40,000 small businesses. The current lawsuit addresses separate allegations regarding CommBiz platform terms and conditions.
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Australian corporate watchdog sues CBA over alleged business customer overcharging - Regional Media News
Nov 12 (Reuters) - Australia's corporate regulator said on Thursday it has launched civil penalty proceedings against Commonwealth Bank of Australia in the Federal Court over allegations it overcharged business customers through undisclosed fees. The case is the first major action under Australian Securities and [...]
Australian corporate watchdog sues CBA over alleged business customer overcharging
Nov 12 (Reuters) - Australia's corporate regulator said on Thursday it has launched civil penalty proceedings against Commonwealth Bank of Australia in the Federal Court over allegations it overcharged business customers through undisclosed fees. The ...
CBA sued, Aussies ‘overcharged’ for 19 years
Australia’s corporate watchdog has commenced civil penalty proceedings against Commonwealth Bank of Australia (CBA), alleging tens of thousands customers were overcharged millions of dollars in fees they were never told about.
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