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CBA Is Moving 1.5 Million Customers to Fee-Free Accounts. Ask Yourself: Who Was Paying Those Fees?
Commonwealth Bank just announced it is shifting 1.5 million Australians onto fee-free bank accounts. That is not a gift. That is a bank quietly admitting that a very large number of people were sitting in fee-bearing accounts when they probably should not have been. If you are one of those 1.5 million, you have every right to ask what you were charged, why you were charged it, and whether you are owed anything back. Banks do not make moves like this out of generosity. They make them because the alternative is worse. Here is what you need to know.
What the law says
Under the Australian Consumer Law, businesses including financial service providers must not engage in conduct that is misleading or deceptive, and must not charge for services in a way that is unconscionable. The Australian Consumer Law is Schedule 2 of the Competition and Consumer Act 2010 (Cth). Separately, the Banking Code of Practice (administered by the Australian Banking Association) requires banks to be transparent about fees and to act fairly. If CBA placed you in a fee-bearing account when a fee-free option was available and suitable for you, and did not tell you that, you may have grounds to complain. You are entitled to request a full transaction and fee history from your bank at any time. If you are not satisfied with CBA's response to a complaint, you can escalate for free to the Australian Financial Complaints Authority (AFCA), which can order remediation. No lawyer required to start that process.
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screwtheman.com is not a law firm and does not provide legal advice. This page gives general information on consumer rights and dispute pathways. For complex legal matters, consult a qualified lawyer or the relevant regulator.