CBA CEO Defends Decision Not to Repay Bank Fees to Vulnerable Customers
Commonwealth Bank of Australia (CBA) CEO Matt Comyn defended the bank's decision not to repay $270 million in fees charged to 2.2 million low-income customers following a July report by the Australian Securities and Investments Commission (ASIC).
ASIC's report found that banks, including CBA, were keeping vulnerable customers in high-fee accounts rather than transitioning them to low-fee alternatives. A more recent ASIC report specifically accused CBA of charging hundreds of millions of dollars in excessive fees to customers who were eligible for low-fee accounts.
Despite these findings, Comyn argued that the fees were not improper, stating they were charged in line with the published terms and conditions. He portrayed CBA as a commercial entity and cautioned that refunding the fees could be perceived by shareholders as an appropriation of the bank's property.
Separately, the bank has already paid $25 million in goodwill payments to tens of thousands of low-income Indigenous customers following a 2024 regulator report.
