Federal Court finds CBA overcharged $2.2 million in interest on business accounts
CBA is facing penalties after the Federal Court found it charged business customers interest at more than double the rate they were advised.
Commonwealth Bank (CBA) is facing penalties and other orders after the Federal Court last week found the bank charged business customers interest at more than double the rate they were advised.
The Australian Securities and Investments Commission (ASIC) initiated proceedings against CBA in November 2020, alleging the bank overcharged interest on business overdraft accounts more than 12,000 times between December 1, 2014, and March 31, 2018.
CBA agreed with the corporate watchdog’s allegations, and the court ruled on Friday the bank made false or misleading representations and engaged in misleading and deceptive conduct.
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