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Australian banks to pay back A$28m to low-income customers

Pedestrians walk past a Australia & New Zealand Banking Group Ltd. (ANZ) branch in Sydney, Australia.
ANZ was one of the banks in ASIC’s review. Photo: Lisa Maree Williams/Getty Images

Martina Lindberg

2 min read
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ASIC reviewed four big banks all found systemically charging high fees to low-income customers.

Customers on low incomes, including First Nations customers, will be repaid over A$28m ($18.9m) from ANZ, Bendigo and Adelaide Bank, Commonwealth Bank of Australia (CBA) and Westpac (including its regional retail brands St. George, BankSA and Bank of Melbourne) after a ‘first-of-its-kind’ review from ASIC.

The review, Report 785

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