ASIC: Four Australian Banks to Return $19 Million in High Fees to Low-Income Customers

Jul 15, 2024, 01:14 AM

Four Australian banks, including ANZ, Bendigo and Adelaide Bank, Commonwealth Bank of Australia (CBA), and Westpac, will return A$28 million ($19 million) to low-income customers. This decision follows a review by the Australian Securities and Investments Commission (ASIC) which found that these banks had been systemically charging high fees to at least two million low-income earners, including many pensioners.