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Four major Australian banks are refunding customers almost $25,000,000, following an investigation by the Australian Securities and Investments Commission . The investigation looked into the practices of the Australia and New Zealand Banking Group , Bendigo and Adelaide Bank , Commonwealth Bank of Australia — including its Bankwest division — and Westpac Banking Corporation — including its regional retail brands St George, BankSA and Bank of Melbourne.
said. “In recognition of the limited financial resources available to these customers — typically known as ‘low-income customers’ — they are eligible for basic, no or low-fee accounts. “Unfortunately, large numbers of these customers remain in high-fee transaction accounts that charge dishonour, overdraw, assisted withdrawal and/or account keeping fees , resulting in their limited funds being eroded.
found more than 150,000 low-income customers in the Indigenous pilot locations — including ABSTUDY customers — were in high-fee accounts, despite being eligible for low-fee accounts,” found the banks included in the investigation had processes for identifying low-income customers likely to be eligible for a low-fee account, but were ineffective at migrating customers to these accounts. “Successful migration rates were as low as 0.5 per cent,”
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