⚡ASIC sues Commonwealth Bank for allegedly overcharging business customers millions of dollars in fees over several years.

What it means

The Australian Securities and Investments Commission (ASIC) has filed a civil lawsuit against Commonwealth Bank of Australia (CBA), alleging that the bank overcharged tens of thousands of business customers by charging undisclosed fees on direct debit transactions over about 19 years. The alleged overcharges total approximately $8.5 million, affecting more than 40,000 businesses. ASIC claims the bank's terms and conditions were misleading and is seeking penalties and remediation.

Accuracy & sourcesSourced

The claim is based directly on ASIC's official media release and court filing, making it a primary-source report of the regulator's allegations. However, these are still allegations that have not been proven in court, and CBA may contest them.

How new

This is genuinely new coverage, with the ASIC announcement and news articles published on 12 November 2026.

Go deeper

• ABC News Australia (Top) — first to publish