Commonwealth Bank of Australia will refund $7.6 million to thousands of agribusiness customers slugged with unfair fees on one of the bank's products.

A statement by the Australian Securities and Investments Commission says CBA has agreed to repay 8400 customers after failing to properly administer the bank's AgriAdvantage Plus package over several years.

When Commonwealth Bank reports its annual results on August 10, a focal point for many investors will be its profit margins. Credit:Michael Clayton-Jones

CBA is not the first major Australian bank to run into trouble over charging incorrect fees on products.

In April, ANZ issued a statement, saying it would pay 8500 customers who purchased a bundled financing planning product, Prime Access, about $30 million in compensation.