Aussie banks to return $19 million charged in high fee to low-income customers
A report released by the Australian Securities and Investments Commission (ASIC) on Monday said ANZ, Commonwealth Bank Of Australia, Bendigo and Adelaide Bank and Westpac had kept at least two million customers in accounts under which they charged high fees. In July 2023, ASIC had written to the banks asking them to improve their processes and refund past fees incurred by low-income customers in high-fee bank accounts. "Banks knew that many of these customers on low-incomes were in inappropriate high-fee accounts, and it has taken ASIC's intervention to force them to act," ASIC Commissioner Alan Kirkland said.