Australian Banks to Refund $19M in Fees to Low-Income Customers
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.