The Commonwealth Bank will repay $68 million in fees it charged to concession customers, ending a long running argument with the regulator.
ASIC’s review revealed the bank had charged $270 million in fees to customers on low incomes between 2019 and 2024.
Chief Executive Matt Comyn says he does not believe more needs to be refunded, given the fee structure was in the terms and conditions of its products.
ASIC Chairman Joe Longo says the bank’s conduct did not pass the pub test and the days are long gone when our major banks can take a legalistic approach to these fundamental issues.
