2 publishers · first seen Wed, 11 Nov 2026 22:00 UTC · updated Thu, 12 Nov 2026 04:35 UTC
The Australian Securities and Investments Commission (ASIC) has initiated civil penalty proceedings against the Commonwealth Bank of Australia (CBA), alleging that approximately 42,000 business customers were overcharged around $8.5 million in undisclosed fees between November 2020 and May 2025. ASIC claims that CBA's CommBiz online banking platform terms and conditions were misleading, as they failed to accurately disclose all fees related to direct debit and direct credit payments. The regulator further alleges that CBA charged an additional, undisclosed fee for the movement of money into or out of the customer's CommBiz account, despite informing customers of fees for payments to or from third-party accounts. ASIC asserts that the misleading terms and conditions have been in place since the launch of CommBiz in 2006, despite receiving complaints in 2015 and identifying the overcharging during an internal audit in 2016.
Content auto-generated. May contain inaccuracies.