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Mortgage Business CBA fined $7 million for overcharging interest By Malavika Santhebennur 08 April 2021 The major bank has been ordered to pay the penalty for overcharged interest after the court had previously said that it made false or misleading representations on over 12,000 occasions. The Federal Court of Australia has ordered the Commonwealth Bank of Australia (CBA) to pay a $7-million penalty after the court had previously declared that...

Mortgage Business CBA liable for overcharged interest By Annie Kane 16 February 2021 The Federal Court has declared that the major bank engaged in misleading and deceptive conduct on 12,119 occasions when charging a rate of interest on business overdraft. The Federal Court has made declarations that the Commonwealth Bank of Australia (CBA) made false or misleading representations and engaged in misleading an...

CBA liable for millions in overcharged interest 16 February 2021 The Federal Court has ruled that the Commonwealth Bank broke laws when charging an interest rate on business overdraft accounts that were up to more than double what customers were told. The Federal Court made declarations that CBA made false or misleading representations and engaged in misleading and deceptive conduct on 12,119 occasions.  The court also ruled that on each of the occasions, the major bank breached sections of the ASIC Act as well as its general obligation as a financial service licensee to comply...