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.

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!

 

[marni]

BS. stop following these ranting lunatics.

Each time you deposit and withdraw

 

[Greg350]

Each time you deposit and withdraw

Did you read the story, has nothing to do with cashless or withdrawals, it's about fraudulent activities.

 

[Annna]

How does this enhance security?
Like it's $250 less. What's the point?

Probably want to stop people money laundering.

 

[Lesley1369]

There is no action a bank commits to that is not in the interest of the bank.

 

[IAN3005]

Well this is about OTHER BANK customers

All banks are the same..... some worse than others.
At least you can still deposit more than $1,000.00 dollars at the post office, no proof of identity or the phaf you have to undergo at a bank, and no queues to keep you waiting.
I only wait for the day a post office is held up.

 

[IAN3005]

Probably want to stop people money laundering.

They will never stop that... believe me....

 

[Greg350]

There is no action a bank commits to that is not in the interest of the bank.

BS, this is to reduce criminal activities and in turn reduce the bank's exposure to losers which help to keep the bank strong

 

[Greg350]

They will never stop that... believe me....

Reducing it, obviously it can never be stopped, just like the road toll will never be zero, but you aim for less crime and less deaths.

 

[Greg350]

All banks are the same..... some worse than others.
At least you can still deposit more than $1,000.00 dollars at the post office, no proof of identity or the phaf you have to undergo at a bank, and no queues to keep you waiting.
I only wait for the day a post office is held up.

Can you read or do you just imagine what you read? A customer of the CBA can STILL deposit up to $10,000 at an ATM. This story is about ATM's NOT at the counter in the branch.

 

[Cheezil]

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.

Spot on, cant be trusted!

 

[Bill MacL]

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.

It says deposits, not withdrawls.

 

[Greg350]

It says deposits, not withdrawls.

These people haven't read and/or understood what this is about.

 

[Greg350]

Spot on, cant be trusted!

Spot on???

No, totally wrong, I guess you haven't read or understood the story either.

 

[Kelpie]

The way it is going and the Government (That of course is meant to be ALBO and CHALMERS) sitting in their hands while all this is unfolding, they will soon tell us how to run our lives.
What are we coming to.?

 

[Greg350]

The way it is going and the Government (That of course is meant to be ALBO and CHALMERS) sitting in their hands while all this is unfolding, they will soon tell us how to run our lives.
What are we coming to.?

Another one who can't read.

What's unfolding, what do you think, in your paranoid mind, is happening?

 

[IAN3005]

Can you read or do you just imagine what you read? A customer of the CBA can STILL deposit up to $10,000 at an ATM. This story is about ATM's NOT at the counter in the branch.

Maybe I'm just imagining things.... you'll have to forgive me but a stroke left me slightly incapacitated

 

[JimmyFlatrock]

For those who are mistakenly thinking this is about moves towards a cashless society it is NOT.

The bit in the article saying...

"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."......

could be seen as a bit of a furphy and I think mistakenly put many on the wrong tack about why the CBA is doing this.

It is all about further measures preventing money laundering and making life harder for criminals.

Want some evidence of that...

Cast your minds back to 2018 when the Commbank was fined $700 Million for allowing drug dealers to launder cash through their atm's. The proven case the CBA wasn't doing enough to prevent this happening that they were in fact encouraging money laundering by virtue of their operating practices.

Remember the descriptions of thugs sitting on stools depositing seemingly endless supplies of ill-gotten cash into atm's.

This small measure by the CBA is most probably to demonstrate to authorities that their operating systems continue to be unfriendly towards money launderers.

In terms of the bit about CBA allowing own customers to continue to bank up to $10,000 when using CBA's plastic card is probably limited at that figure in view of the Cash Transactions act which requires financial institutions to report to authorities, cash deposits in excess of that amount, unless it is quite normal for the type of business.

I understand the concerns of those more comfortable with cash, but this move by the CBA is not part of a shift towards a cashless society.

I have no doubts at all that cash will continue to be a part of Australia's payment system for many many years to come.

 

[Greg350]

For those who are mistakenly thinking this is about moves towards a cashless society it is NOT.

The bit in the article saying...

"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."......

could be seen as a bit of a furphy and I think mistakenly put many on the wrong tack about why the CBA is doing this.

It is all about further measures preventing money laundering and making life harder for criminals.

Want some evidence of that...

Cast your minds back to 2018 when the Commbank was fined $700 Million for allowing drug dealers to launder cash through their atm's. The proven case the CBA wasn't doing enough to prevent this happening that they were in fact encouraging money laundering by virtue of their operating practices.

Remember the descriptions of thugs sitting on stools depositing seemingly endless supplies of ill-gotten cash into atm's.

This small measure by the CBA is most probably to demonstrate to authorities that their operating systems continue to be unfriendly towards money launderers.

In terms of the bit about CBA allowing own customers to continue to bank up to $10,000 when using CBA's plastic card is probably limited at that figure in view of the Cash Transactions act which requires financial institutions to report to authorities, cash deposits in excess of that amount, unless it is quite normal for the type of business.

I understand the concerns of those more comfortable with cash, but this move by the CBA is not part of a shift towards a cashless society.

I have no doubts at all that cash will continue to be a part of Australia's payment system for many many years to come.

Someone on this site who can read, good to see. Most just whinge endlessly about something they don't understand.

 

[maggiej]

I fail to see why OTHER bank customers would deposit their money in the CBA. Why not there own bank?

 

[JimmyFlatrock]

I fail to see why OTHER bank customers would deposit their money in the CBA. Why not there own bank?

Location, distance, convenience. Maybe they've moved and are loyal. Probably many reasons.