Top Bank Accused of Overcharging Thousands of Firms
ASIC alleged that about 42,000 Commonwealth Bank business customers were overcharged $8.5 million in undisclosed fees.
Australia’s Commonwealth Bank is being sued by the Australian Securities and Investments Commission (ASIC) for allegedly overcharging approximately 42,000 business clients. The CommBiz platform allegedly charged $8.5 million in undisclosed fees related to direct debit and credit payments between November 2020 and May 2025. ASIC claims the bank’s terms and conditions failed to accurately disclose all associated fees.
- Commonwealth Bank faces civil penalty proceedings from ASIC.
- Approximately 42,000 business clients on the CommBiz platform allegedly overcharged $8.5 million.
- Allegations involve secret fees for direct debit and credit payments.
- The period in question is November 2020 to May 2025.
- ASIC states the bank’s terms and conditions were misleading by not disclosing all fees.
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