Top Bank Accused of Overcharging Thousands of Firms
ASIC alleged that about 42,000 Commonwealth Bank business customers were overcharged $8.5 million in undisclosed fees.
TL;DR
- Commonwealth Bank faces civil penalty proceedings from ASIC.
- Approximately 42,000 business clients on the CommBiz platform allegedly overcharged $8.5 million.
- Allegations involve secret fees for direct debit and credit payments.
- The period in question is November 2020 to May 2025.
- ASIC states the bank's terms and conditions were misleading by not disclosing all fees.