The Commonwealth Bank (CBA) has made a major change to the amount of money customers can deposit without their card as it continues to tackle financial crime.
The bank recently warned customers it had decreased the maximum amount for their Cardless Deposit Function from $1000 a day to $750 per day.
CBA customers can still use their bank card to deposit up to $10,000 per day, which remains unchanged.
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A CBA spokesperson confirmed the move, saying it was part of efforts to protect 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,” a spokesperson 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.”
As per the CommBank website, the change only involves customers making their deposit with their mobile phone.
The change became effective on Friday, June 7 and comes amid a range of moves made by the big banks as more customers go cashless.
In October last year, CBA confirmed it had changed its policy to only allow CommBank customers to exchange cash at their branches.
A CBA spokesperson said the change came into effect as of June 2023, to ensure branch teams “are able 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,” they told 7NEWS.com.au.
“We encourage them to contact their bank regarding their options.”