If you were one of our customers who were affected by the Queensland floods, you’ll know that we worked to help you get your cash faster, by crediting payments into your account as soon as we received them, rather than processing them overnight as normal.
And now we’ve made intra-day processing standard, so that all of our customers can benefit from getting their money faster.
In the past, payments received from non-Commonwealth Bank accounts were processed at the end of the day, effectively going into customers’ accounts overnight — and only ‘visible’ to the receiving account holder the next day. From 6 June 2011, processing is happening throughout the day, so that as soon as we receive payment instructions from another financial institution, we’ll credit your account with the funds.
Each day, around 500,000 payments are made to Commonwealth Bank accounts, both business and retail, so this new process will make a real difference. For many customers, it will mean that you can see deposits to your Commonwealth Bank account on the day they are made.
As Gary Roach, General Manager Cash Management Services, explains, “This change means we’re providing our customers with the most efficient and timely access to their money of any bank in Australia”.