Stock

Australia’s CBA fails to notify regulators over cash access fee, Australian reports

(Reuters) – The Commonwealth Bank of Australia (OTC:CMWAY) failed to formally notify either of the country’s prudential regulators before shifting a million customers to new bank accounts, causing many to pay to access cash through branches, the Australian reported.

The report published on Wednesday said ‘Freedom of Information’ requests showed both the country’s corporate regulator, Australian Securities and Investments Commission (ASIC), and the the prudential regulator, Australian Prudential (LON:PRU) Regulation Authority (APRA), have no record of any approach from CBA in 2024 over the issue.

The country’s largest bank told customers in early December it would shift more than one million Complete Access Account holders to Smart Access Accounts, closing off the legacy product which was previously its mainstay transaction banking product, according to the local media outlet.

A spokesperson for CBA said in an emailed response to Reuters that the bank “is in frequent dialogue with our regulators on a wide range of issues”.

An ASIC spokesperson told Reuters the regulatory body meets regularly with banks as part of their ongoing supervisory role and declined to comment further, while APRA declined to comment on the report.

This post appeared first on investing.com

You May Also Like

Editor's Pick

Former president Donald Trump and his allies have filed hundreds of lawsuits, with more to come, seeking to tighten voting rules or disqualify voters....

Economy

LONDON (Reuters) – Bank of England interest rate-setter Megan Greene said she still believed the central bank should take a cautious approach to cutting...

Editor's Pick

Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

Latest News

Warner Bros. Discovery said Thursday its streaming platform Max added 7.2 million global subscribers in the third quarter. It marked the biggest quarterly growth for...

Disclaimer: beneficialinvestmentnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 beneficialinvestmentnow.com

Exit mobile version