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CBA given $7m penalty for overcharging interest on business accounts

The Commonwealth Bank of Australia has been hit with a $7 million penalty for charging interest on business overdraft accounts that was much higher than what it advised its customers.

CBA given $7m penalty for overcharging interest on business accounts
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  • Shared by MyBusiness
  • April 09, 2021
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The Federal Court of Australia has ordered the Commonwealth Bank of Australia (CBA) to pay a $7 million penalty after declaring the bank guilty of making false or misleading representations and engaging in misleading and deceptive conduct.

Read more at MyBusiness.

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