Commonwealth Bank faces $180,000 in fines and a $2.5 million writedown after 'system error' assumed customers applying for credit had no housing expenses and unrealistically low living costs.
Clancy Yeates writes on business specialising in financial services. Clancy is based in our Sydney newsroom.
Westpac has joined the Commonwealth Bank in cutting the size of mortgage discounts it is offering new customers.
Shareholders who bought into Australia's first big privatisation, the 1991 float of the Commonwealth Bank, are sitting on hefty gains in their investment.
National Australia Bank will soon offer a credit card that customers can use without having received the physical piece of plastic, as banks rush to bulk up their 'digital wallets'.
If a company tricks their customers about the product they're selling, is that any less serious than colluding with the shop next door?
When the banks failed to pass on all of the RBA's rate cut this month, they pointed to higher deposit rates to justify the decision. But it is becoming clear that the higher deposit rates are being passed on very selectively.
The new chief executive of ING Direct, Uday Sareen, is looking to take the fight to the big retail banks in their heartland by offering customers a wider range of products including credit cards, insurance.
Banks should be required by law to ensure retail products such as home loans and credit cards are in a customer's best interests, the Finance Sector Union
Westpac has refunded $20 million after it failed to properly inform credit card customers they would be charged foreign transaction fees.
ING Direct will pay thousands of superannuation customers $5.4 million in compensation.