Australia’s Commonwealth Bank has paid a sum of AUS $180,000 for four infringement penalties for breaches made when offering personal overdrafts. The bank was fined A$120,000 in the Federal Court on Friday and ordered to pay an additional AUD $200,000 penalty after it failed to stop customers from using their cards at ATMs that were not The outstanding debt of approximately AUS $2.5 million has been written off as a result. When we make a mistake that impacts our customers we will put it right to ensure our customers are not adversely affected." The error was discovered by an internal review 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. The bank was fined A$120,000 in the Federal Court on Friday and ordered to pay an additional AUD $200,000 penalty after it failed to stop customers from using their cards at ATMs that were not 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).