APRA (Australian Prudential Regulation Authority) has just released the report of its inquiry into the Commonwealth, finding that a failure of culture is behind a series of scandals which have eroded trust in Australia's biggest bank. The regulator calls the bank’s culture “insular” and an environment where learning from experiences and mistakes was ignored.
Earlier this morning, thousands of Commonwealth Bank customers awoke to find that their NetBank Accounts and credit cards were no longer working. It's now been more than five hours since the issue was first reported and there doesn't appear to be any fix in sight. Here's what you need to know.
Australia's 'Big Four' banks have decided to remove the cash withdrawal fee for using their ATMs. This means you will no longer be charged $2 for using a CBA, Westpac, ANZ or NAB ATM with your card, regardless of who you bank with. Or to put it another way, the banks are rorting us slightly less than before.
Commonwealth Bank has removed fees for all bank customers that use its automated teller machines (ATMs). This means that members of ANZ, NAB, Westpac-St.George and other banks will no longer be slugged with a $2 cash-withdrawal fee for using CommBank ATMs. Hurrah!
A few weeks ago, the Commonwealth Bank updated the onscreen menu on its Automatic Teller Machines (ATMs). Presumably, the redesigned interface was implemented in an attempt to make customers' lives easier (and perhaps to garner some good will after that recent ATM money-laundering scandal.)
Unfortunately, the results are a bit of a dog's breakfast. Here's why.
The Commonwealth Bank is facing another scandal as the Australian Transactions Reports and Analysis Centre (AUSTRAC) launches civil proceedings accusing the bank of being complicit in money laundering.
This exposes a deeply worrying prospect, that the Australian public are vulnerable to crime and terrorism directly funded through the Australian banking system.
Commonwealth Bank has said it is experiencing problems with its NetBank and CommBank applications, with customers unable to complete transactions. The issue may also be affecting POS terminals with some customers reporting they cannot withdraw cash. Here are the details.
A large-scale malware hijacking threat has been discovered that's capable of taking over Android phones and gaining access to users' bank logins. Vulnerable banking apps include Westpac, Commonwealth Bank, St. George, National Australia Bank, Bankwest and ANZ. Here's what you need to know.
CommBank has compiled transaction data from December 2014 to show the quietest and busiest shopping periods over the month. If you still haven't done your Christmas shopping, this graph can help you to avoid the Christmas rush. And if you work in retail, use it to prepare for the storm...
The Commonwealth Bank is piloting a targeted offers program where customers can receive deals directly onto their mobile devices when they're physically in shopping centres. The bank doesn’t want to bug people with deals they don’t like so it has opted for a Tinder-like system to gauge customer preferences.
CommBank Albert is an Android-based point-of-sale tablet that will compete directly with traditional eftpos terminals in Australia. The device's main claim to fame is the ability for merchants to install customised apps for numerous business purposes. Boasting a secure EMV interface for accepting chip and PIN cards, NFC support for contactless payments, Wi-Fi connectivity and an inbuilt receipt printer, it's essentially a "smart" payment terminal that can be adapted on the fly to meet the changing needs of customers.
What's more annoying than losing your credit card? Thinking you've lost it, calling the bank to cancel it, and then finding it five minutes later. So being able to apply a "temporary lock" is a potentially handy alternative.
