CBA given $7m penalty for overcharging interest on business accounts
The Commonwealth Bank of Australia has been hit with a $7 million penalty for charging interest on business overdraft accounts that was much higher than what it advised its customers.
The Federal Court of Australia has ordered the Commonwealth Bank of Australia (CBA) to pay a $7 million penalty after declaring the bank guilty of making false or misleading representations and engaging in misleading and deceptive conduct.
Read more at MyBusiness.
