ASIC sues CBA over alleged CommBiz fee overcharging

The Australian Securities and Investments Commission has begun civil penalty proceedings against Commonwealth Bank of Australia over allegations that fees on its CommBiz business banking platform were not properly disclosed, leaving about 42,000 customers overcharged approximately A$8.5 million between November 2020 and May 31, 2025.

ASIC alleges CommBiz’s terms and conditions did not clearly and accurately disclose all charges for direct debit and direct credit payments. Customers were told they would pay a fee for transactions involving a third-party account, but ASIC says the bank also charged an additional fee for the corresponding movement of money into or out of a customer’s CommBiz account.

The regulator says the relevant terms had been in place since CommBiz launched in 2006. ASIC also alleges that customers complained about the fees from at least 2015 and that a 2016 internal audit identified overcharging of direct debit fees and called for corrective action. The period covered by ASIC’s A$8.5 million estimate is narrower, running from November 2020 to May 2025.

As an example, ASIC said a small business paying wages to 10 employees from two CommBiz accounts could incur...