Commonwealth Bank to refund $68 million in excessive fees | 7NEWS

9 months ago The News Room

Commonwealth Bank will refund $68 million in excessive fees charged to low-income customers and Centrelink recipients after pressure from ASIC. The bank’s CEO initially refused to follow other institutions in making repayments last month but reversed the decision, with refunds scheduled for early next year. The $68 million represents a fraction of the $270 million in total fees charged by CBA and its subsidiary Bankwest.

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