ASIC has compelled banks to refund $60 million in fees to low-income Australians, following a previous $33 million refund for First Nations customers. However the Commonwealth Bank is the only major bank not participating in the refund initiative.
Breakdown
- ASIC previously secured $33 million in refunds for 150,000 First Nations Australians.
- 770,000 pensioners and concession card holders will receive $60 million in fee refunds. 18s
- Nearly a million customers will be moved to low-fee accounts, saving up to $50 million annually. 54s
- The Commonwealth Bank has refused to refund $270 million in fees to 2.2 million low-income customers. 1m 6s
- ASIC may pursue legal action against the Commonwealth Bank if it does not comply. 1m 29s