The Commonwealth Bank of Australia (CBA) has been hit by a huge fine – $150,000 AUD – for increasing the credit limit on the account of a known problem gambler
By: Andrew Burnett
The CBA is the biggest banking multinational in the southern hemisphere, but ran afoul of the Australian Securities & Investments Commission (ASIC) after bumping the gamblers limit up and violating the National Credit Act.
This happened despite the man, named in Federal Court as Mr Harris, telling the bank he didnt want any more credit until he had conquered his gambling addiction.
The ASIC investigation saw the bank offer a $6000 increase to Mr Harris credit limit, taking it to over AUD$35,000 (USD$25,000). This resulted in Mr. Harris being unable t…
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