CommBank account holders get $7.6M in compo

Australia’s biggest bank, the Commonwealth Bank will refund $7.6 million to 8400 customers.
Commonwealth Bank failed to apply fee waivers and other concessions to AgriAdvantage Plus account holders.

The Commonwealth Bank AgriAdvantage package was launched in 2005, offering lending facilities, overdrafts, savings and transaction accounts along with a range of interest rate and fee concessions.

The Australian Securities and Investments Commission said Commonwealth Bank had reported the matter and will pay refunds.

Source: Banking Day

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