4 Australian banks to refund $28m to low-income customers for keeping them in high-fee accounts.

Four Australian banks will refund $28m to low-income customers after being found to have kept them in high-fee accounts despite eligibility for cheaper products. ASIC found ANZ, Bendigo and Adelaide Bank, Commonwealth Bank, and Westpac had two million customers, including many receiving Centrelink payments, in high-fee accounts. The banks have been criticised for causing financial distress through avoidable fees and complicated processes.