Four Australian banks will give back a total of A$28 million ($18.95 million) to low-income customers, after a review by the corporate regulator found these customers had been kept in high-fee bank accounts despite being eligible for cheaper products.
A report released by the Australian Securities and Investments Commission (ASIC) on Monday said ANZ (ANZ.AX), opens new tab, Commonwealth Bank Of Australia (CBA.AX), opens new tab, Bendigo and Adelaide Bank (BEN.AX), opens new tab and Westpac (WBC.AX), opens new tab had kept at least two million customers in accounts under which they charged high fees.
Source: REUTER
