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Four Australian banks will cough up nearly $30 million in refund after a review by the Federal corporate watchdog revealed they had charged high fees to customers who could least afford it. A new report from the Australian Securities and Investments Commission revealed ANZ, Commonwealth Bank, Westpac, as well as mid-tier Bendigo and Adelaide Bank kept at least two million low-income customers in high-fee accounts. These included many customers relying on Centrelink payments.
commissioner Alan Kirkland said. , and the community, expects that the banks will treat their customers fairly,” Mr Kirkland said. “But that’s particularly important for people on low incomes and for people who are struggling to make ends meet, the last thing they need is to have the very little income that they have being eaten away in unnecessary bank fees.
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