Australia ’s Commonwealth Bank has paid a sum of AUS $ 180,000 for four infringement penalties for errors made when offering personal overdrafts . An internal accounting error causing over - estimations of customers ’ capacity for paying for overdrafts caused many customers to be affected . The outstanding debt of approximately AUS $ 2.5 million has been written off as a result . The error was discovered by an internal audit and reported to the Australian Securities and Investments Commission ( ASIC ) .
Australia’s Commonwealth Bank has paid a sum of AUS $180,000 for four infringement penalties for breaches made when offering personal overdrafts. An internal programming error causing over-estimations of customers’ capacity for paying for overdrafts caused 11,000 customers to be affected. The outstanding debt of approximately AUS $2.5 million has been written off as a result. The error was discovered by an internal review and reported to the Australian Securities and Investments Commission (ASIC).