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The Latest Breaking News from Commonwealth Bank

Hope for end to wage theft as laws come into force

Criminal penalties for employers who deliberately underpay workers have come into effect, with hopes they will deter bosses from engaging in the practice.

AAP

What’s fair in the fight to keep bank branches open and access to cash alive?

On Tuesday, Commonwealth Bank announced it was planning to move customers using one of its legacy accounts to its newer “Smart Access” account.

The Conversation

Commonwealth Bank Backflips On Its Plan To Charge Customers $3 For Assisted Withdrawals

“We feel we didn’t get the communication right on this, so we’ve paused, and we want to take a different approach.”

Pedestrian.tv

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Bank's bungled cash fee a sign of anti-branch shift

Australia's biggest bank has backed down on a threat to charge some customers to access their own money after a 24-hour pile-on.

AAP

South Korea’s president declares martial law, country rises to reject it

South Korea’s President Yoon Suk Yeol unexpectedly declared martial law in the country only for lawmakers to rapidly assemble to reject it, and the Greens are keen to strike a deal with Labor should the next Parliament be hung.

Crikey

Commonwealth Bank $3 cash withdrawal fee ‘a kick in the guts’, assistant treasurer says

Company unable to quantify how many customers affected by having their account changed to a ‘smart access’ transaction account

The Guardian - AU

Commonwealth Customers Will Soon Cop A $3 Charge For Withdrawing Their Own Cash From The Bank

Commbank Australia has announced a change to its users' accounts that will see a withdrawal charge added from next year.

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Young Australians cut back in cost-of-living crisis while older people shop more, data shows

Commonwealth Bank finds over-70s cohort spent 7.7% more from July to September than the same time last year

The Guardian - AU

CBA reverses duplicate transactions, vows fee refunds

The Commonwealth Bank has fixed a problem that caused repeated transactions for some customers as it promises to refund any fees.

AAP

Commonwealth Bank says it has resolved duplicate transaction issue after funds wiped from accounts

CBA says ‘the process to reverse these transactions has been completed’ and any fees charged will be refunded

The Guardian - AU

CBA apologises, pays $7.5m fine after spam emails

Commonwealth Bank has been penalised after sending 170 million emails to customers with no way to unsubscribe.

AAP

CBA chair says ethical principles will govern AI use

Commonwealth Bank has the "best, most capable people" working on the use of artificial intelligence in its business, chairman Paul O'Malley says.

AAP

Inflation green shoots could spell earlier rates relief

A cooling rental market and slower pay growth hint at a disinflationary pulse some economists hope could deliver borrowers an early Christmas present.

AAP

No cost to taxpayers from bond scandal: ANZ head

There will be consequences across ANZ following the misconduct of employees over bonds, the company's head says.

AAP

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AAP

Australian shares finish higher for fourth straight day

The ASX200 has finished up 0.3 per cent as Commonwealth Bank, Pro Medicus, Evolution Mining, Seven Group and other big companies report earnings.

AAP

Shareholders still cash in as CBA profit slips to $9.5b

Commonwealth Bank's net profit after tax was down six per cent to $9.5 billion in 2023/24 but Australia's biggest bank is increasing its dividend.

The Guardian - AU

Commonwealth Bank still predicts interest rate cut in 2024 as RBA defends keeping cash rate on hold

Reserve Bank’s chief economist says it is ‘difficult’ to hear the stories of those who ‘are struggling’

AAP

Banks lashed for ripping off poorer customers

The market watchdog has slammed four major banks for causing financial distress to more than two million Australians by systematically overcharging on fees.

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The Canberra Times

Customers urged to find new branches with Commonwealth Bank to close site

It is understood no jobs will be lost in the closure.

AAP

'Deep flaws' in ASIC enforcement prompt calls for split

A bloated remit and chronic under-resourcing at Australia's corporate watchdog have been canvassed in a scathing parliamentary report.

AAP

Jobs market put to test in sluggish economy

Economists expect another relatively robust jobs report for the month of May even as higher interest rates knock the economy around.

AAP

CBA's quarterly profit down while delinquencies tick up

Commonwealth Bank's quarterly profit was down while the percentage of its customers in arrears grew slightly in the March quarter.

AAP

CBA restores service, apologises after overnight outage

Commonwealth Bank has apologised after an outage overnight locked customers out from their accounts.

AAP

Comm Bank customers shut out of online banking

Commonwealth Bank customers are unable to access their accounts online, with the bank posting a message that it's urgently investigating the outage.

Crikey

Wage theft isn’t complex. Just ask the Commonwealth Bank

Reckon wage theft is because awards are too complex? Not at the Commonwealth Bank, which just copped a record fine for underpaying its staff.

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