The Australian Securities & Investments Commission has published Report 811 on banks’ responses to excessive fees charged on transaction accounts held by low-income customers, with banks committing to refund more than AUD 93 million and move over one million customers into low-fee accounts. ASIC estimates the account moves will save around AUD 50 million in fees each year. The refunds comprise more than AUD 33 million already repaid to over 150,000 customers and a further AUD 60 million to be refunded nationwide to over 770,000 customers. The review expanded beyond ASIC’s earlier work and covered 21 banks, with outcomes including broader refund commitments by three of the four banks featured in the earlier report, process improvements at seven banks, and changes by nine banks to make low-fee accounts easier to access, including removing requirements to attend a branch or present certain concession cards; six more banks are also collecting data to identify First Nations customers to inform service delivery. ASIC will continue to receive updates from the reviewed banks through its banking sector engagements and has flagged enforcement action where necessary.
Australian Securities & Investments Commission 2025-07-29
Australian Securities & Investments Commission review drives banks to refund more than AUD 93 million in excessive transaction account fees to low-income customers
The Australian Securities & Investments Commission (ASIC) released Report 811 on banks' responses to excessive fees for low-income customers. Banks will refund over AUD 93 million and transition over one million customers to low-fee accounts, potentially saving AUD 50 million annually. Refunds include AUD 33 million already repaid to 150,000 customers and an additional AUD 60 million for 770,000 customers. The review of 21 banks led to broader refund commitments and improved processes. ASIC will continue monitoring and may enforce actions if necessary.