CBA refunds only $93m of $270m overcharged to Centrelink recipients
Commonwealth Bank charged Centrelink recipients $270 million in excessive fees but only refunded $93 million.
Commonwealth Bank charged vulnerable Centrelink recipients $270 million in excessive fees. The bank only refunded them $93 million as goodwill.
Chief executive Matt Comyn testified before federal MPs on Friday. Regulators had sued the bank the day before over $8.5 million in undisclosed fees on business accounts.
Asked why low-income earners got no refund for the remaining amount, Comyn said the bank had to strike a balance. Labor MP Ed Husic challenged him directly: "Why is this a hill you wish to die on?"
CBA, Australia's largest bank, earned $11 billion in cash profit in the year to June.
Why it mattersA major corporation is refusing to repay vulnerable people millions in disputed fees, setting a precedent about corporate responsibility to society's poorest households.
AustraliaCentrelink recipients lost hundreds of dollars each on average; CBA's stance suggests banks will resist fuller refunds across similar disputes. The case may influence whether regulators push for broader remediation.
✓ Claims checked against the source. checked 17 h ago
