ASIC v CBA (interest charges on credit cards)
civil penalty4 Dec 2024Penalty $7.50M
Respondent
Commonwealth Bank of Australia
Facts
CBA was found to have applied incorrect interest charges on credit card accounts after promotional periods, affecting thousands of customers.
Outcome
Federal Court ordered $7.5M penalty + remediation.
Read the source
https://asic.gov.au/about-asic/news-centre/find-a-media-release/Rules Mate links to the regulator's own publication. We do not republish full decision text. Always verify the latest status against the source before acting.