Commonwealth Bank accused of overcharging business customers millions of dollars in fees
The Australian Securities and Investments Commission (ASIC) has initiated civil proceedings against Commonwealth Bank for allegedly overcharging 42,000 business customers millions of dollars in undisclosed fees. The bank is accused of failing to honor its fee disclosures over a five-year period.
Why it matters
This case underscores the importance of corporate transparency and regulatory oversight in the banking sector to protect small businesses.
shares Share article Commonwealth Bank (CBA) has been accused by the corporate watchdog of overcharging business customers, many of them small business owners, millions of dollars in fees.
CBA allegedly overcharged tens of thousands of businesses approximately $8.5 million in fees between November 2020 and May 2025 they were “never told about”, according to the Australian Securities and Investments Commission (ASIC).
ASIC alleges that Commonwealth Bank has overcharged 42,000 business customers millions of dollars in fees. Wayne Taylor
ASIC has commenced civil penalty proceedings against Australia’s biggest bank.
It alleges that some business customers were told they would be charged a fee for a payment to or from a third-party account, but the bank then charged an extra, undisclosed fee for the movement of money out of a CommBiz account.
Also covering this story
One other newsroom covered this event. We read that version too.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in