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New polling commissioned by CHOICE has found almost 9 in 10 Australians think the Commonwealth Bank should refund account fees charged to low-income account holders who should have been automatically moved into low- or no-fee accounts.
Between 2019 and 2024, Australia’s largest bank raked in $270 million in excessive account keeping and overdraw fees from people on Centrelink incomes who should never have been charged those fees.
The corporate regulator, the Australian Securities and Investments Commission (ASIC) called out CBA in July and said they should follow other major banks who have moved to refund the cohort of eligible customers.
CBA for its part says customers in the cohort were “diverse” and had varying levels of income, savings and home ownership.
