CBA Monthly Account Fee Refund - what is this?

Today almost $150 mysteriously appeared in my Smart Access CBA account. It's only description is "Monthly Account Fee Refund". I know nothing. Anyone else get this?

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Comments

  • +4

    banking royal commission

  • +23

    It is a monthly account fee refund.

    • +8

      Thank you! That clarifies EVERYTHING.

      • +2

        :-)

      • +1

        It really is quite self-explanatory.

        But if you want extra info, why don't you call/chat to CBA?

    • +6

      It might be warmer in jail than in this house right now, I'm gonna risk it!

      • +1

        free food, light work duties, exercise time, tv time, ur daily fully planned
        its quite a good life lolz

        • Should be posted as a deal.

      • +4

        Even warmer if the cellmate takes a liking to you

        • +2

          Hmmm, on second thoughts…..

  • +1

    What account do you have? This took me 5 seconds of Googling to find.

    • I've already mentioned the type of account. Smart Access. The monthly fee is $4. There is no explanation as to why they would refund a bulk of fees for this account.

      • +17

        You pay $4 per month for a bank account..?

        Hand in your Ozbargain badge and gun..

  • +1

    Wife received an amount as well (about $200). She went to the bank and they said that the account she has, the bank was supposed to waiver the account keeping fee ($4) whenever, she deposited more than $2,000 in. The refund as an accumulation of those keeping fees over the last few years

    • does that include interest on the amount too?

  • +2

    I got this too, about $120. I flagged being charged this fee incorrectly back in 2016, they refunded a few months and said there was nothing they could do about the rest. Turned out a Banking RC made them realised there was something they could do!

  • +1

    Will they be contacting people incorrectly charged who have since closed accounts? Asking for an optimistic friend… :D

    • +1

      Maybe they'll send you….woops, I mean your friend, a cheque?

  • I’ve been getting small backdated refunds for months from BOQ

  • +2

    So had you paid $150 of bank fees without realising it?

  • $241
    Don’t think I’ve paid any fees though, pay gets put straight in, so qualify for fee free. 🤷‍♂️

  • +1

    Yep I got one today too. About $500. My thought is this is a refund for the junk credit card insurance they were selling to people who were ineligible after the RC? I do remember them calling and selling me that insurance but surely i couldn’t have paid that much…..

  • Oohh sooo i wasnt lucky that someone fckd up and put 950in my account! EITHER WAY! YAYY! - even if it was my money to begin with i guess?? Lol

  • Also received this, but not for the amount of money the OP or some other people did sadly.

  • you may have that much money deducted from cba for months over the years that you didn't even bother notice. Now, royal commission in hand to make banking fairer, refunding you these money. So they actually just yours but you didn't know cba steal it off you legally.

  • I got $64 back, have a CBA Complete Access Account.

  • Got a letter about this today, apparently it "was caused by issues with the setup of our systems, which meant that the fee waiver rules were incorrectly applied to some transaction accounts".

    Anyway, yay money!