ASIC Sues Commonwealth Bank Over $8.5 Million Fee Error

The Australian Securities and Investments Commission (ASIC) has launched civil penalty proceedings against the Commonwealth Bank of Australia (CBA) for allegedly overcharging approximately 42,000 business customers. The regulator alleges that between November 2020 and May 2025, the bank's CommBiz online banking platform used misleading terms and conditions that failed to disclose fees for moving money into or out of accounts, resulting in $8.5 million in undisclosed charges.

ASIC claims the bank ignored customer complaints in 2015 and an internal audit in 2016 that had already identified the problem. The fee in question was 25 cents plus GST. ASIC Commissioner Alan Kirkland characterized the conduct as particularly concerning due to the length of time it persisted despite early warnings.

Commonwealth Bank attributed the error to attempts to simplify its terms and conditions. While the bank has apologized and begun remediating affected customers with an average payment of $442, it intends to defend certain aspects of the legal claim, stating it does not accept how some of the allegations were formulated.