CreditCard Plus and Loan Protection Branch Correspondence Remediation

FAQs

Why is CommInsure refunding some customers their premiums?

A review of records has identified an issue where some customers may not have received all of their policy documents, as the postal address on file for the customer was a Branch address or other CBA office address (Branch Address), and not the customer’s postal address.  It is therefore possible that some customers were not fully aware of all the details of their policy at the time of purchase.

Who may be receiving a premium refund?

We are refunding customers who we have identified as having had a Branch Address as their postal address at the time they purchased their policy.

We are refunding the full premiums paid plus interest.

How will impacted customers be notified?

Impacted customers will receive a NetBank message and, where appropriate, a letter.

How will customers receive their refund?

If you are eligible for a refund and you have an open, eligible transaction account with CommBank at the time the refund is paid, then your refund will be credited directly to this account. The statement description will be “Refund from Commbank”. If you don’t have an eligible account, a bank cheque will be sent via post, to the address held on file.

To confirm your address details, please call 1800 632 752 (or on +61 2 7955 0199 from outside Australia), Monday to Friday, 9am – 5pm (Sydney/Melbourne time).

How are refund amounts calculated?

We will refund 100% of premiums paid plus interest.  If you have previously received a partial refund for CreditCard Plus or Loan Protection Insurance, this will be deducted from the amount of this refund.

What if my policy is still open?

You should consider your own circumstances and ensure the product is right for you.

Further details regarding Personal Loan Protection

Further details regarding Home Loan Protection

Further details regarding CreditCard Plus

     

What if I wish to cancel my policy?

You may cancel your policy at any time by contacting 1800 632 752 (or +612 7955 0199 from outside Australia) Monday to Friday 9:00am – 5:00pm (Sydney/Melbourne time). Your policy will remain active up until the time it’s cancelled. You can submit claims for events that occurred up until the time that the policy is cancelled, but you can’t claim for any event which happens after you cancel.

Any existing claims you’ve made will not be affected by a cancellation.

What if I have a question or would like to lodge a complaint?

You can call us on 1800 632 752 (or +612 7955 0199 from outside Australia) Monday to Friday 9:00am – 5:00pm (Sydney/Melbourne time) if you have any questions.

If we have not responded to your complaint or you are not happy with how we have tried to resolve it you can ask for your complaint to go through our dispute resolution process. You can do this by contacting our Customer Service Team and ask for your complaint to be escalated to one of our Dispute Resolution Specialists.

Commonwealth Bank is also a member of the Australian Financial Complaints Authority (AFCA; previously known as the Financial Ombudsman Service). If we take more than 45 days to respond to your complaint or you’re unhappy with how we’ve resolved it, you can contact AFCA directly by visiting www.afca.org.au or calling 1800 931 678.

Accepting a refund, or your decision to keep or cancel the insurance policy, does not affect your right to complain or go to AFCA.

ASIC’s MoneySmart website has some useful information about consumer credit insurance that may help you decide if you should keep this policy.