Critics have criticized the Commonwealth Bank after it announced that it would reduce the maximum amount of money that customers can deposit each day using their mobile phones.
However, this limit would be reduced to $750 from $1,000.
Customers can still make a deposit of up to $5,000 using their card each day.
The bank informed its customers about the change in the ATM cardless deposit limit in a notice.
It stated that the maximum amount that customers can deposit using their mobile phones will be reduced to $750 from $1,000 on June 7.
A spokesperson for the bank noted that the move was made to protect its customers.
According to the spokesperson, the bank made the change to protect its customers.
They noted that customers can now deposit up to $750 using their mobile phones each day.
They can also use their card to make multiple deposits at the bank’s ATMs.
One of the users who shared the notice on Facebook claimed that the amount seemed incredibly low for small businesses that rely on daily takings.
He suggested that customers change banks immediately if they are not comfortable with the amount of money they can deposit.
Many of them agreed with his suggestion, with some stating that they might want to rethink calling themselves a bank.
Others reminded him that the change only affected transactions involving mobile numbers.
One person noted that the bank’s decision only affected those who want to deposit money using their mobile phones instead of in person.
Another said that the bank’s decision was unfair since it only affected those who rely on transactions involving mobile phones.
In 2018, the Commonwealth Bank of Australia reduced the daily maximum amount of money that its customers can deposit at its ATMs.
In an effort to prevent money laundering, the daily limit was lowered from $20,000 to $10,000.
In October that year, the bank also restricted the use of cash at its branches.