Regulator Finds Banks Charged 150,000 Low Income Australians $6 Million in Fees

Bank customers on low incomes will receive over $28 million after a review found four major Australian banks systemically charged high fees to those who could least afford it. Commonwealth Bank, ANZ, Westpac, Bendigo and Adelaide Bank kept at least 2 million Australians on low incomes—including many relying on Centrelink payments to make ends meet—in high-fee accounts. The Australian Securities and Investments Commission (ASIC) report, released on July 15, used data from November 2021 to November 2022. Customers who receive government concession payments and qualify for a Commonwealth Seniors Health Card, Health Care Card or Pensioner Concession Card, are normally entitled to access low-fee accounts....