Commonwealth Bank allegedly overcharged millions of dollars in fees to tens of thousands of business customers, many of them small businesses, according to the corporate regulator.
ASIC has commenced civil penalty proceedings against Australia's biggest bank, alleging customers have been overcharged fees they were never told about.
ASIC alleged CBA's CommBiz terms and conditions were misleading because they failed to clearly and accurately disclose all the fees business customers would be charged for direct debit and direct credit payments.
Business customers were told they would be charged a fee for a payment to or from a third-party account.
However, ASIC alleges CBA also charged an additional, undisclosed fee for the corresponding movement of money into or out of the customer's CommBiz account.
ASIC alleges that between November 2020 and May 31, 2025, about 42,000 CommBiz customers were overcharged about $8.5 million in fees.
