Australian Banks to Refund $19M in Fees to Low-Income Customers
TL;DR Summary
Four Australian banks will refund a total of A$28 million to low-income customers after a review by the Australian Securities and Investments Commission (ASIC) found they were kept in high-fee accounts despite being eligible for cheaper options. The banks, including ANZ, Commonwealth Bank of Australia, Bendigo and Adelaide Bank, and Westpac, have started migrating customers to low-fee accounts, resulting in significant future savings.
- Aussie banks to return $19 million charged in high fee to low-income customers By Reuters Investing.com
- Aussie banks to return $19 mln charged in high fee to low-income customers Reuters
- Centrelink $28 million cash boost after major banks busted charging sneaky fees Yahoo Finance Australia
- ANZ, Commonwealth Bank and Westpac customers to be refunded MSN
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