Commonwealth Bank sued by ASIC over business account fees

Detailed summary

The corporate regulator alleges the country’s biggest bank overcharged 42,000 business customers in fees and failed to disclose some entirely.

The corporate regulator is suing the Commonwealth Bank in the Federal Court, alleging tens of thousands of its business customers were overcharged millions of dollars in fees.

The Australian Securities and Investments Commission has alleged “systemic unlawful overcharging” by CBA, claiming business customers using an online banking platform known as CommBiz have been overcharged for 19 years.

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