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!

 

[JimmyFlatrock]

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

Doubt it would impact many as you suggested. Just the CBA tidying up I suspect. They would have the data that may indicate criminal activity and have decided to make it even more awkward for the bad guys. Difficult to say precisely.

 

[Greg350]

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

No bank in their town, paying rent or some payment to another person. All you need is the other persons phone number, it's good way to not disclose your account details to someone, just your phone number.

 

[Greg350]

Doubt it would impact many as you suggested. Just the CBA tidying up I suspect. They would have the data that may indicate criminal activity and have decided to make it even more awkward for the bad guys. Difficult to say precisely.

They were in trouble years ago for allowing money laundering through ATMs, so are being very careful now.

 

[Christine Landale]

That’s where the problem is, they want us all to go cashless.

Very TRUE ! Cashless world is not far off folks...ask the street homeless beggars!!

 

[Greg350]

Very TRUE ! Cashless world is not far off folks...ask the street homeless beggars!!

This has nothing to do with cashless, the delusions you have are not real. This is about OTHER people depositing money into accounts, NOT CBA customers. The $10,000 limit has not changed for CBA customers.

 

[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.

If you read that correctly it said :

• The Commonwealth Bank has reduced the maximum limit for cardless cash deposits from $1000 to $750 per day.

 

[Towing]

One Credit Union if you can't understand something and go into a branch to have it explained to you a fee is charged. That applies to Seniors too.

 

[IAN3005]

I was told by a Commonwealth Bank employee the 51-day credit fee was reduced to 41....no prior warning...