Banks will refund more than $28 million to customers on low incomes after an ASIC review revealed they were systemically charging high fees to those who could least afford it.
Banks will refund more than $28 million to customers on low incomes after a review revealed they were systemically charging high fees to those who could least afford it.
, found ANZ, Bendigo and Adelaide Bank, CBA and Westpac kept at least two million Australians on low incomes, including many relying on welfare payments, in high-fee accounts.The review found banks kept at least two million low-income Australians in high-fee accounts. "Banks knew that many of these customers on low-incomes were in inappropriate high-fee accounts, and it has taken ASIC's intervention to force them to act," Kirkland said.
Following the review, the banks have moved more than 200,000 customers into low-fee accounts, saving these customers an estimated $10.7 million in future yearly savings.'"This is the second report from ASIC in the last two months that highlights where banks have failed to put customers' needs at the heart of their operations," he said.
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