ASIC sues CBA, alleging the bank overcharged businesses $8.5 million

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CommBank allegedly overcharged tens of thousands of business customers without properly disclosing those fees, according to ASIC. The post ASIC sues CBA, alleging the bank…

Commonwealth Bank allegedly overcharged tens of thousands of business customers without properly disclosing those fees, according to a new lawsuit filed by the Australian Securities and Investments Commission (ASIC).

The corporate watchdog has commenced civil penalty proceedings against Australia’s largest bank, which allegedly misled CommBiz customers by failing to outline direct debit and credit payment fees.

ASIC claims business customers were told about fees for transferring money to or from third-party accounts, but the bank failed to disclose other fees related to moving money from their CommBiz account itself.

Between November 2020 and May 31, 2025, CommBank is accused of overcharging approximately 42,000 CommBiz customers by around $8.5 million.

The bank allegedly overcharged customers for 19 years, since the launch of its CommBiz platform in 2006.

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In a statement, ASIC commissioner Alan Kirkland accused the bank of failing its small business customers.

“They should not have to scrutinise every transaction to make sure that their bank is charging them the right fees.

CommBank paused the fees in June 2025 and amended its CommBiz terms of service two months later, before waiving the relevant fees from February 2026.

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