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 corporate watchdog says the Commonwealth Bank — Australia's biggest by market capitalisation — has paid four infringement penalties totalling $180,000 for breaches in providing personal overdrafts. 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 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 ) .