Top bank accused of overcharging thousands of firms

Detailed summary

The corporate watchdog has launched court action against Commonwealth Bank, alleging it overcharged 42,000 business clients using undisclosed CommBiz fees.

Thousands of business clients of Australia's biggest bank were allegedly overcharged millions through secret fees.

The Australian Securities and Investments Commission commenced civil penalty proceedings against Commonwealth Bank of Australia on Thursday.

The regulator alleged about 42,000 customers with CommBiz were overcharged $8.5 million through fees they were not told about.

It will defend certain aspects of the claim, or otherwise continue to engage with ASIC to efficiently resolve the proceedings, the bank said.

CommBiz is the bank's online platform for business clients and the allegations involve fees charged between November 2020 and May 2025.

ASIC alleged the platform's terms and conditions misled customers by failing to accurately disclose all the fees they would face.

The bank informed customers they would be charged a fee for payments involving a third-party account.

But ASIC alleged the bank also charged an additional, undisclosed fee for the related movement of funds in or out of the customer's CommBiz account.

"For example, a small business paying the fortnightly wages of 10 employees from two CommBiz accounts was charged 12 fees: 10 for the payments to its employees and another two undisclosed fees for the money being withdrawn from its own accounts," the regulator said in a statement.

Opening of the article, excerpted from AAP. To read the rest, open the article on the publisher's site.