Commonwealth Bank accused of overcharging thousands of business customers
ASIC claims the bank charged additional fees without informing customers
By Capital Kranti desk, Gandhinagar · Editor: Parth Thakkar
12 November 2026, 3:37 am · 1 min read
This story was written by AI from the sources listed below; every claim and number in it was checked against them before it went up. How we check
Australia's corporate regulator ASIC has initiated civil penalty proceedings against Commonwealth Bank. According to a report by ABC News, the bank is accused of overcharging millions of dollars in additional fees from its thousands of business customers, including many small businesses.
ASIC alleges that the terms and conditions of the bank's 'CommBiz' were misleading. The bank had not provided clear and accurate information regarding all fees applicable to direct debit and direct credit payments. Customers were told that fees would be charged for making payments to or from a third-party account, but the bank also charged additional and undisclosed fees for the movement of funds within the customer's CommBiz account.
According to ASIC, it is claimed that approximately $8.5 million in excess fees were collected from about 42,000 CommBiz customers during this process between November 2020 and 31 May, 2025.
Commonwealth Bank is Australia's largest bank.
Retired railway employee killed wife in Jamalpur
After the murder, the accused forced his daughters to remain quiet, telling them to bring a new mother
EPFO order: October PF contributions must be deposited by November 15
Companies missing the deadline may face penalties and legal action.
Man dies after eating explosive bomb mistaking it for rasgulla in Madhya Pradesh
Accident occurred when a 'suar maar bomb', used by hunters to catch wild boar, was bitten thinking it was a sweet