Commonwealth Bank has sparked criticism after it announced it was reducing the daily maximum amount customers are allowed to deposit using their mobile phone number.
The current deposit limit of $1,000 will be slashed to $750 a day.
However, customers can still make deposits of up to $10,000 a day while using their card.
The bank issued a notice to customers, with the change becoming effective on June 7.
“We are reducing the amount that can be deposited using a mobile phone number to perform ATM Cardless Deposits,” the notice read.
“Effective 7 June 2024, you can deposit a maximum of up to $750 cash per transaction, no more then once per day per mobile number.”
According to a CBA spokesperson, the move was for the purpose of “protecting our customers and the community from financial crime”.
“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 told Yahoo Finance.
“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.”
One social media user shared the notice to Facebook, arguing the amount seemed “incredibly low” for small businesses wanting to “deposit their daily business takings”.
He added customers should “change banks immediately” if the amount is unsuitable for them.
Many commenters agreed, with one saying “perhaps they should reconsider calling themselves a bank” and another confirming they “will be changing banks”.
However, other social media users reminded them the change only applied to transactions with mobile phone numbers.
“I understand this only relates to those wanting to deposit cash using their mobile phone, not in person at the counter, and not a business,” said one.
Westpac similarly has a cap on the daily deposit limit for customers using mobile phones but notably its limit for these transactions is much higher at $4,000 daily, with card deposits capped at $10,000.
It comes after the CBA previously halved the maximum deposit limit at its ATMs in 2018.
The daily limit was decreased from $20,000 to $10,000 in a bid to prevent money laundering.
In October last year the bank also made the decision to only allow customers of CommBank to exchange cash at the bank’s branches.