CBA Fined $5M for Overcharging Customers

CBA Fined $5M for Overcharging Customers
A Commonwealth Bank of Australia logo adorns the wall of a branch in Sydney, Australia, May 8, 2017. David Gray/File Photo/Reuters
AAP
By AAP
Updated:

The Commonwealth Bank of Australia (CBA) has been fined $5 million for overcharging thousands of customers on a financial product designed for farmers.

CBA has refunded more than $8 million to 8660 customers it overcharged fees and interest on loans and also underpaid interest on savings, through its AgriAdvantage packages.