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

‘Fair banking services for all Australians, including those on low-incomes or located in regional or remote areas, are critical for our financial system.’

People walk past a branch of the Commonwealth Bank in Melbourne, Australia, on Feb. 6, 2019. William West/AFP via Getty Images

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.