CBA to Repay $68m in Fees to Low-Income Customers

CommBank customers to receive $68m in refunds for incorrect bank fees

The Commonwealth Bank of Australia will refund low-income earners receiving Centrelink payments approximately $68 million in unfair fees — just over a quarter of what was charged.

CBA to repay $68m in fees to low-income customers

Following a report by ASIC, the Commonwealth Bank says it's repaying $68 million to low-income customers who incurred unusually high banking fees.

‘Kicking and screaming’: CBA’s partial fee refund

Commonwealth Bank will refund a third of the $270m it charged to low-income customers in “excessive” fees, after chief executive Matt Comyn defended the non-payment by insisting all account-holders had all been charged within the “terms and conditions”.

Commonwealth Bank bows to ASIC pressure with $68m in fee refunds

The nation’s top lender had also been slammed by Labor MP Ed Husic for “profiting off ill-gotten gains” and dodging its responsibilities to vulnerable customers.