COMMONWEALTH BANK REFUNDS AFFECTED AGRIBUSINESS CUSTOMERS

Commonwealth Bank has almost completed refunding agribusiness customers who had not been receiving the full benefits of their AgriAdvantage Plus (AA+) Package.

In total, about 8,400 customers were impacted and a total of around $7.6 million is being refunded.

Commonwealth Bank has been individually contacting affected customers to apologise, and is reimbursing outstanding amounts owed plus interest.

The issue was self-reported to the regulator, ASIC, and Commonwealth Bank established a dedicated team to support and remediate affected customers. This work has also been independently reviewed.

The AA+ Package has been withdrawn and will close for existing customers from 12 November 2015, however those customers will continue to keep existing benefits. 

We encourage customers who have any queries about this to contact us on 1300 120 938.

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