Overview

• More than 920,000 concession and low-income clients will share over $93 million in refunds for excessive dishonour, overdraw and account-keeping fees.
• ANZ has committed $47.9 million, Westpac $9.9 million and Bendigo & Adelaide Bank $155,000 in the latest remediation round, contributing to a collective $60 million payout.
• National Australia Bank was excluded from ASIC’s review after abolishing dishonour, overdraw and account-keeping fees on transaction accounts in 2014.
• Banks have migrated over one million vulnerable customers into low-fee accounts, saving an estimated $50 million in annual charges.
• Commonwealth Bank and Bankwest’s refusal to refund $270 million has prompted ASIC to urge a rethink and warn of potential court action.