CommBank reduces daily ATM cash deposit limit
Customers will be able to deposit a maximum of $10,000 into a CommBank ATM in a single day, down from $20,000.
Australia's biggest bank Commbank has today announced it is halving its daily limit on how much cash a customer can deposit via one of its ATMs, to just $10,000 down from $20,000 previously. The new daily limit will take effect from 10 April 2018, and applies to both personal customers as well as business customers.
Customers will also be limited to depositing a maximum of 200 notes and coins into one of the banks ATMs in a single transaction. This means that if you're depositing smaller notes like $5 or $10, you may need to complete more than one transaction if you need to deposit $10,000.
The decision is a direct result of the money laundering scandal that has plagued the bank since August 2017. The bank was accused of allegedly not complying with anti-money laundering rules by Austrac, by enabling large amounts of cash to be deposited through its ATMs and allegedly not reporting the activity to the regulator. Since the allegations, CommBank has also abolished ATM fees, launched a new low-rate credit card and slashed its international transaction fees in a desperate attempt to rebuild its shattered reputation.
"Commonwealth Bank understands that it is the first major financial institution in Australia to implement a control of this type. Implementing a cash deposit limit complements our reporting obligations, including the reporting of any suspicious transactions conducted across our network and the reporting of each and every cash deposit of $10,000 or more. The daily limit has been introduced to further strengthen our anti-money laundering and counter-terrorism financing efforts," a statement from the bank read.
CommBank acknowledged the new $10,000 limit will have the biggest impact on small and medium business owners that may receive large amounts of cash in a day's trade, for example cafe owners.
"Flexibility in how and when deposits can be made is important for a range of our customers, particularly small business owners, who rely on after-hours facilities to securely deposit end of day or week takings. Any increase to this limit that some of our business customers may require will be considered on a case by case basis," it read.
Rival Westpac currently has no strict limit on the amount of cash a customer can deposit into its ATMs during one day. However, it does impose a 400 note limit per transaction.