Jul 29, 2026 – 4.00pmCommonwealth Bank’s attempts to restrict low-income earners from gaining access to fee-free accounts have been rejected by regulators as part of a clampdown on banks charging excessive account fees, especially when vulnerable customers are involved.The chairwoman of the Australian Securities and Investments Commission, Sarah Court, backed a decision by the competition regulator this week for all banks to roll their poorest customers into “basic” accounts. These charge few or no fees and must be provided under the Banking Code of Practice.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
CBA forced into backdown on account fees for poor customers
Australia’s largest bank will migrate more than a million low-income customers to a fee-free account, after initially resisting the demands.
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