ASIC sues Commonwealth Bank for $8.5M in undisclosed business fees
ASIC alleges CBA secretly charged undisclosed fees to about 42,000 businesses for about $8.5 million from 2020 to 2025.
The corporate regulator is suing Australia's biggest bank for allegedly hiding fees from tens of thousands of business customers. ASIC claims CBA's CommBiz online banking terms were misleading because they failed to tell customers about a second, undisclosed fee on payments to and from third-party accounts.
The bank allegedly knew about the problem. CBA received complaints in 2015 and identified the overcharging in an internal audit in 2016 but did nothing.
ASIC commissioner Alan Kirkland said CBA broke a basic promise. "Small businesses are busy enough.
They should not have to scrutinise every transaction to make sure that their bank is charging them the right fees." The misleading terms have been in place since CommBiz launched in 2006.
- about 42,000
- Businesses affected
- $8.5 million
- Total overcharged
- November 2020 to May 2025
- Period of overcharging
- 2006
- Misleading terms active since
Why it mattersThousands of small businesses may have paid hidden charges for years without knowing, eroding already-thin profit margins and trust in their bank.
AustraliaAustralian small business owners using CommBiz may discover they have been overcharged and could pursue refunds if ASIC's claims are proven.
✓ Claims checked against the source. checked 4 h ago
