Conversion time for Colonial Bank customers

2 May 2001

The Commonwealth Bank Group has written to approximately one million Colonial Bank customers about the conversion of their banking accounts and services.

This follows the merger of the two banks last June and is a final stage in the integration of the Group's retail banking businesses.

All Colonial loan, savings and credit card accounts will be converted to similar Commonwealth Bank products during the first weekend in June 2001.

Colonial customers will receive important information about their personal and business accounts.

Mr Hugh Harley, General Manager, Personal Customers, said the Group's aim was to enable Colonial customers to continue their banking with a minimum of disruption.

"For most Colonial customers the product conversion process will require no action on their part," Mr Harley said. "Colonial customers will retain their PINs and existing arrangements for automated account credits and debits.

"Customers will receive a statement from Colonial in June, providing a final record of transactions on existing Colonial accounts. This final balance will then become the opening balance on the first statement of their new Commonwealth Bank account.

"Customers can be assured that full and complete records are being maintained to ensure the continuation of their banking relationships."

Until the actual changeover on the first weekend in June, Colonial customers should continue to use their accounts, branches and telephone banking services as normal, including their Greencards and Visa Access Cards.

By the end of May they will have received a replacement Commonwealth Bank Keycard plus information on the changeover. This Keycard will retain the customer's existing PIN and account linkages.

Mr Harley said that the Commonwealth Bank's position in the marketplace enables it to offer a wider range of customer benefits. These new benefits include Internet Banking, True Awards (a credit card loyalty program) and unmatched access to services, including through all Australia Post offices.

Colonial funds management, insurance products and equipment finance will remain unchanged.