Advertisement
Australia markets open in 7 hours 4 minutes
  • ALL ORDS

    8,010.50
    -5.30 (-0.07%)
     
  • AUD/USD

    0.6672
    +0.0014 (+0.21%)
     
  • ASX 200

    7,769.70
    -8.40 (-0.11%)
     
  • OIL

    81.50
    -0.07 (-0.09%)
     
  • GOLD

    2,345.10
    -1.80 (-0.08%)
     
  • Bitcoin AUD

    97,304.86
    +698.01 (+0.72%)
     
  • CMC Crypto 200

    1,384.05
    +46.30 (+3.46%)
     

Commonwealth Bank reduces cash deposit limits for these Aussies

The major bank has lowered the maximum amount customers can deposit using their mobile phones from $1,000 to $750 per day.

CBA ATM deposits
Commonwealth Bank said the ATM move was designed to protect against financial crime. (Source: AAP/Facebook)

Commonwealth Bank (CBA) has reduced the amount of cash customers can deposit without their card in a bid to crack down on financial crime. But the move hasn’t gone down well with some customers.

In a notice to customers, the country’s biggest bank confirmed it would be lowering the maximum amount customers could deposit using their mobile phones from $1,000 to $750 per day. Customers will still be able to use their card to deposit up to $10,000 per day.

A CBA spokesperson told Yahoo Finance the move was part of the banks’ commitment to “protecting our customers and the community from financial crime”.

ADVERTISEMENT

RELATED

“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,” the 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 came into effect for customers on Friday, June 7.

Do you have a story to share? Contact tamika.seeto@yahooinc.com

The major bank’s change has been met with less than positive responses from customers after being posted in a pro-cash Facebook group, with many expressing their concerns about their access to cash.

One Aussie went so far as to urge others to “change banks immediately”, while another labelled CBA “the absolute worst bank”.

Others correctly pointed out the move only applied to cardless ATM deposits and wasn’t a wider reduction on the amount Aussies could deposit.

CBA has ruled out going cashless and said it had no plans to phase out ATMs or stop providing cash to customers.

“We’re committed to providing our customers with the widest range of cash access options, via our branches, ATMs, EFTPOS at participating retailers and Bank@Post outlets of Australia Post,” a spokesperson told Yahoo Finance.

In the past five years, CBA has closed 354 branches and 2,297 ATMs across the country. The bank has committed to pausing regional branch closures until at least the end of 2026.

Aussies have been raising concerns over the country's move towards becoming a cashless society, with a bill recently introduced to parliament that could slap businesses with hefty fines of up to $25,000 if they don't accept or carry cash.

Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.