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.
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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.
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.
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.