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On The Record

Commonwealth Bank statement regarding Fairfax Media story

Commonwealth Bank statement regarding Fairfax Media story

There are a number of steps to open a Commonwealth Bank Business Transaction Account in branch:

  • We verify the identification of the person applying for the account. This involves either using their existing customer information or using identification documents such as a Driver Licence.
  • We require that the business details be verified with the Australian Securities & Investments Commission.
  • We also verify the person applying for the account can act on behalf of the business.

This involves a two-way conversation between the Commonwealth Bank employee and the new or existing customer to ensure the product meets their financial needs.

Separately, it is our practice to contact customers when their accounts are in arrears via letter and a phone call. When customers call our contact centres we always endeavour to assist customers even when their account is sold, we would also direct them to speak with the debt purchaser if applicable.

In response to questions from Fairfax Media, we provided the following statement:

“When customers open any account with the Commonwealth Bank we always verify their identity to ensure we are dealing with the right person. We send regular account statements and notices to their nominated address to ensure they have up-to-date information about their account.”

“We always encourage our customers to contact us so we can discuss any enquiries related to their account with the Commonwealth Bank.”