Commonwealth Bank announces latest deposit rule changes

As we navigate the ever-evolving landscape of banking and finance, it's crucial to stay informed about the changes that could impact our day-to-day transactions.

For those who bank with the Commonwealth Bank (CBA), there's an important update that you need to be aware of, especially if you're accustomed to using the convenient Cardless Deposit function.



The Commonwealth Bank recently implemented a significant alteration to its deposit rules, part of a broader strategy to combat financial crime and enhance the security of banking operations.

The bank has announced that it has reduced the maximum amount customers can deposit without their card from $1,000 to $750 per day.


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The Commonwealth Bank implemented new rules on its cardless deposit. Credit: Shutterstock


For those who may not be familiar, the Cardless Deposit function enables individuals to deposit money into a CBA account without needing a physical bank card—simply by using the CommBank app and a mobile phone number.

It's important to note, however, that if you're depositing with a bank card, the daily limit remains unchanged at $10,000.

‘As part of this, one cardless deposit of up to $750 per mobile phone number can now be deposited each day using our Cardless Deposit function,’ a CBA spokesperson said.



‘When using our deposit ATMs, CBA customers can use their CBA card to make deposits more than once per day or for amounts over $750 in cash.’

The change took effect on Friday, 7 June, and is part of a series of adjustments made as the banking industry responds to a shift towards cashless transactions.

In October of the previous year, CBA also revised its policy to only allow CommBank customers to exchange cash at their branches.

This was done to enable branch teams ‘to focus on providing the best service for customers’.



‘We understand this may create challenges for businesses in the area who bank with other financial institutions,’ a CBA spokesperson said.

‘We encourage them to contact their bank regarding their options.’
Key Takeaways

  • The Commonwealth Bank has reduced the maximum limit for cardless cash deposits from $1000 to $750 per day.
  • Commonwealth Bank customers can still deposit up to $10,000 per day using their bank card at deposit ATMs.
  • These changes were made as part of the bank's ongoing efforts to combat financial crime and protect the community.
  • The new cardless deposit rules came into effect as of 7 June, reflecting a broader trend towards cashless banking and increased security measures.
Members, what do you think of Commonwealth Bank’s new deposit rules? Share your thoughts and experiences in the comments below!
 
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The CON-WEALTH Bank, are they serious.
Thinking and protecting their customers.
They have closed hundreds of their banks in regional areas, making their
“ customers” use a hole in the wall in the street with no security and a target for getting knocked over once they receive their money from a machine.
They have stated, customers can still deposit $10,000 per day but only take out $750.00 per transaction per day ?????????????????
To my understanding, they will grab and hold onto one’s money, gain huge interest from ones money but OMG how dare one wants to actually take out their own money.
The Banks in Australia are just all just one big greedy Conglomeration run by what they call the Fat Controllers.
They DO NOT have the customers welfare and safety in mind at all, this is just another stealth way to make their profits more larger every year.
😡
 
The CON-WEALTH Bank, are they serious.
Thinking and protecting their customers.
They have closed hundreds of their banks in regional areas, making their
“ customers” use a hole in the wall in the street with no security and a target for getting knocked over once they receive their money from a machine.
They have stated, customers can still deposit $10,000 per day but only take out $750.00 per transaction per day ?????????????????
To my understanding, they will grab and hold onto one’s money, gain huge interest from ones money but OMG how dare one wants to actually take out their own money.
The Banks in Australia are just all just one big greedy Conglomeration run by what they call the Fat Controllers.
They DO NOT have the customers welfare and safety in mind at all, this is just another stealth way to make their profits more larger every year.
😡
I think you read that wrong. It's depositing $750 without a card by using a phone app. But the day may come with a withdrawal restriction like that.
 
The CON-WEALTH Bank, are they serious.
Thinking and protecting their customers.
They have closed hundreds of their banks in regional areas, making their
“ customers” use a hole in the wall in the street with no security and a target for getting knocked over once they receive their money from a machine.
They have stated, customers can still deposit $10,000 per day but only take out $750.00 per transaction per day ?????????????????
To my understanding, they will grab and hold onto one’s money, gain huge interest from ones money but OMG how dare one wants to actually take out their own money.
The Banks in Australia are just all just one big greedy Conglomeration run by what they call the Fat Controllers.
They DO NOT have the customers welfare and safety in mind at all, this is just another stealth way to make their profits more larger every year.
😡
NO bank has ever considered the customer.
My son has discovered that 35% of bank CEO's are psychopaths....I believe that would be in the realms of +50% would be more realistic....
 
The CON-WEALTH Bank, are they serious.
Thinking and protecting their customers.
They have closed hundreds of their banks in regional areas, making their
“ customers” use a hole in the wall in the street with no security and a target for getting knocked over once they receive their money from a machine.
They have stated, customers can still deposit $10,000 per day but only take out $750.00 per transaction per day ?????????????????
To my understanding, they will grab and hold onto one’s money, gain huge interest from ones money but OMG how dare one wants to actually take out their own money.
The Banks in Australia are just all just one big greedy Conglomeration run by what they call the Fat Controllers.
They DO NOT have the customers welfare and safety in mind at all, this is just another stealth way to make their profits more larger every year.
😡
Try reading the story. CUSTOMERS can still deposit $10,000. People without a CBA card can only deposit $750, that would be mainly OTHER BANK customers. They use a phone number to deposit their takings, maybe rent, etc.

It's a security measure, of course maybe you're laundering money, that's why it upsets you, but us honest people are fine with it.
 
  • Like
Reactions: Thecla
Cash is legal tender and there should never be a limit for deposits or withdrawals no matter what amount 😡
This is a security measure to cut down on money laundering. If you read the article you'd see the bank has not changed the deposit amount for it's own customers.
 
  • Like
Reactions: siameezer
OMG - this story is proof that the vast majority of idiots on this site can't read and/or can't comprehend simple English.

This is about money laundering and criminals using the bank's ATMs to deposit money. READ the story, it applies to people using a phone number to make deposits, the vast majority of which will not be CBA customers.

CBA customers can still deposit up to $10,000 as normal using their CBA card.
 
  • Love
Reactions: siameezer
The CON-WEALTH Bank, are they serious.
Thinking and protecting their customers.
They have closed hundreds of their banks in regional areas, making their
“ customers” use a hole in the wall in the street with no security and a target for getting knocked over once they receive their money from a machine.
They have stated, customers can still deposit $10,000 per day but only take out $750.00 per transaction per day ?????????????????
To my understanding, they will grab and hold onto one’s money, gain huge interest from ones money but OMG how dare one wants to actually take out their own money.
The Banks in Australia are just all just one big greedy Conglomeration run by what they call the Fat Controllers.
They DO NOT have the customers welfare and safety in mind at all, this is just another stealth way to make their profits more larger every year.
😡
Read the story again, that is not what's happening.
$10,000 limit for CBA customers using their card.
$750 limit for deposits when NOT using a card, people who use a phone number.
 
  • Like
Reactions: marni and siameezer
I think it is a rip off the CBA is a major bank and also charge you to go into the bank
to withdraw your own money. What is wrong with the ACCC, surely they must be aware
of this. It is price gouging, and yet they talk about super markets ripping people off
 
  • Like
  • Haha
Reactions: Greg350 and IAN3005
I think it is a rip off the CBA is a major bank and also charge you to go into the bank
to withdraw your own money. What is wrong with the ACCC, surely they must be aware
of this. It is price gouging, and yet they talk about super markets ripping people off
ACCC.....not worth the time of day... everything is swept under the carpet...
 
I think it is a rip off the CBA is a major bank and also charge you to go into the bank
to withdraw your own money. What is wrong with the ACCC, surely they must be aware
of this. It is price gouging, and yet they talk about super markets ripping people off
Explain how the hell this is a "rip off"????

Where were charges mentioned?
 
  • Like
Reactions: siameezer

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