Commbank to refund $7.6m
The Commonwealth Bank of Australia (CBA) will be refunding about 8,400 customers approximately $7.6 million after failing to apply fee waivers and ongoing benefits to a package.
The AgriAdvantage Plus package was launched in 2005 and applied to a range of products including lending facilities, business overdrafts, savings, and transaction accounts.
There were a range of interest rate and fee concessions on eligible products like discounted lending rates, preferential savings rates, and fee waivers.
CBA discovered the error in 2014 and reported it to the Australian Securities and Investments Commission (ASIC).
Commenting, ASIC deputy chairman, Peter Kell, said "Identifying and reporting breaches is a key obligation for financial services licensees".
"Where errors occur, it is important that they be rectified promptly and appropriately. That includes restoring consumers to the position they should have been had the breach not occurred," he said.
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