Commonwealth Bank sparks outrage with change to deposits

Australia’s largest bank has sparked outrage among some customers after it reduced the amount of money they can deposit when using their mobile phone number.

Commonwealth Bank (CBA) has lowered the maximum amount customers could deposit into their accounts from $1,000 to $750 a day.

Customers can still use their card to deposit up to $10,000 a day. 

A CBA spokesman said the move, which came into effect last week, was designed to better protect their customers 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,’ he told Yahoo. 

‘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.’

However, the move has angered some pro-cash Australians who went as far to suggest customers change banks ‘immediately’. 

Another labelled CBA ‘the worst bank ever’. 

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‘Will be changing banks. I run all my businesses via Commonwealth,’ one wrote.

‘Sad to see the day people are trying to dictate the way you can use your own money you have earned.’

A second added: ‘Perhaps they should reconsider calling themselves a bank…’

‘Change banks immediately if this is unsuitable for you. Send a message to the banks about their behaviour,’ a third wrote.

Daily Mail Australia contacted Commonwealth Bank for further comment. 

In the last five years, CBA has closed 354 branches and 2,297 ATMS across the country but has paused the closure of regional branches until the end of 2026. 

Last July, CBA sparked outrage after it opened a number of ‘cashless’ branches with customers no longer able to access their money over-the-counter.

Deposits and withdrawals can still be made via on-site ATMs but for those who don’t have their bankcard handy will need to locate a branch that offers teller transaction. 

‘Cardless cash’ withdrawals of up to $500 a day using the CommBank app are available, but for those who need more funds or don’t have their phone with them, their money can’t be accessed. 

The specialist centre branches focus more on business customers and loan products and are located nearby to traditional branches.

Bank-owned ATMs have dwindled from 13,814 in 2017 to just 5,693, according to figures from the financial watchdog the Australian Prudential Regulation Authority.

In the same space of time branches have declined from 5,694 to 3,588 despite banks such as CBA announcing bulging profits, including a half yearly report last week of $5billion, just down on its previous six-month record result.

Banks have repeatedly defended branch and ATM closures by pointing out that fewer of their customers are using those services.

By the end of 2022 cash only accounted for 13 per cent of Australian consumer payments compared to 70 per cent in 2007.