Commonwealth Bank says it will shift about 1.5 million existing customers to no-fee bank accounts following a decision by Australia’s competition and consumer watchdog, the ACCC. The reporting from multiple outlets says the ACCC requires banks to proactively identify customers who may qualify for lower-fee account products and to move them unless the customer opts out. The accounts in question are described as no-fee options, with the change designed to reduce costs for customers who meet eligibility criteria under the ACCC’s ruling. The updates are framed as an operational response to regulatory obligations rather than a new customer application process. Across the sources, the central points are that the ACCC has directed banks to take active steps to identify eligible customers, and that Commonwealth Bank will implement the outcome by transitioning a large customer cohort to accounts with no fees unless they choose not to be transferred. The sources do not provide additional details on timelines, specific account eligibility rules, or how customers will be notified beyond the opt-out requirement.
Commonwealth Bank to move 1.5 million customers after ACCC lower-fee account ruling
Commonwealth Bank says it will shift about 1.5 million existing customers to no-fee bank accounts following a decision by Australia’s competition and consumer watchdog, the ACCC. The reporting from mu...
- The ACCC rules banks must proactively identify existing customers who may be eligible for lower-fee accounts.
- Banks must move eligible customers unless they opt out.
- Commonwealth Bank plans to shift about 1.5 million customers to no-fee bank accounts.
- The reported change is presented as a response to the ACCC’s lower-fee account decision.
- The opt-out mechanism is highlighted as a condition for the customer transfer.
The corporate watchdog has ruled that banks ‘must proactively identify existing customers who may be eligible for lower-fee accounts and move them unless they choose to opt out’.
2 hours agoThe corporate watchdog has ruled that banks ‘must proactively identify existing customers who may be eligible for lower-fee accounts and move them unless they choose to opt out’.
3 hours agoThe corporate watchdog has ruled that banks ‘must proactively identify existing customers who may be eligible for lower-fee accounts and move them unless they choose to opt out’.
3 hours ago
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