Major banks to cough up millions in refund to low-income customers following ASIC review

by Pelican Press
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Major banks to cough up millions in refund to low-income customers following ASIC review

Four Australian banks will cough up nearly $30 million in refund after a review by the Federal corporate watchdog revealed they had charged high fees to customers who could least afford it.

A new report from the Australian Securities and Investments Commission revealed ANZ, Commonwealth Bank, Westpac, as well as mid-tier Bendigo and Adelaide Bank kept at least two million low-income customers in high-fee accounts.

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