Australia ’s Commonwealth Bank has paid a sum of AUS $ $2.5 million for 11,000 infringement penalties for breaches made when offering personal overdrafts. "We raised this with Commonwealth Bank a couple of years ago and it seemed to us they did seem to have lax processes to assess whether those overdrafts were appropriate for customers," Consumer Action Law Centre chief executive Gerard Brody said. An internal programming error causing over-estimations of customers’ capacity for paying for overdrafts caused four customers to be affected. The outstanding debt of approximately AUS 180,000 has been written off as a result. The error was discovered by an internal review and reported to Commonwealth Bank (ASIC).
Australia ’s Commonwealth Bank has paid a sum of AUS $ $2.5 million for 11,000 infringement penalties for breaches made when offering personal overdrafts. An internal programming error causing over-estimations of customers’ capacity for paying for overdrafts caused four customers to be affected. The outstanding debt of approximately AUS 180,000 has been written off as a result. The error was discovered by an internal review and reported to Commonwealth Bank (ASIC).