Commonwealth Bank’s CommBiz customers left millions out of pocket over ‘misleading’ fees, says ASIC

Detailed summary

The corporate regulator is taking Australia’s largest bank to court, claiming tens of thousands of its business customers were left millions of dollars out of pocket.

The corporate regulator is taking Australia’s largest bank to court, claiming tens of thousands of its business customers were left millions of dollars out of pocket. The Australian Securities and Investments Commission on Thursday said it had launched civil proceedings again the Commonwealth Bank, taking aim at the terms and conditions offered through its CommBiz digital business banking platform. The regulator alleges customers, many of them small businesses, were misled because the bank failed to “clearly and accurately” disclose all of the fees they would be charged for direct debit and direct credit payments.

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