Banks forced to take action on high-fee accounts

A large number of low-income Australians are paying too much in account fees, an ASIC report found. (Jono Searle/AAP PHOTOS)

Banks will refund more than $93 million to low-income customers who were charged high fees on their accounts.

More than a million people have already been moved to low-fee accounts, saving an expected $50 million in annual fees, according the the Australian Securities and Investments Commission's (ASIC) Better and Beyond report released on Tuesday.