CBA to pay out $80 million in refunds
Commonwealth Bank, the country's most profitable bank, will pay refunds to 216,000 customers for failing to honour discounts on mortgage interest rates and fees that it had promised, mistakes that meant borrowers were overcharged.
The payouts, worth about $80 million in total, are the result of problems in how the bank applied discounts under a package that offered lower home loan interest rates and fee waivers, and also included products such as credit cards and personal loans.
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