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Effective 11 April 2022, Commonwealth Bank of Australia’s (CommBank) “Standard fees and charges for international payments and travel funds.” leaflet; “International Payments Information Guide”; and “Foreign Currency Accounts. Terms and Conditions” are amended as set out below.
The updates are to reflect that CommBank will not accept:
On the cover page (page 1), the third dot point is deleted and replaced with:
“• Foreign Cheques/Bills (not accepted in any currency from 10 October 2022)”
On page 5, the heading of the second table is deleted and replaced with:
“Foreign Cheques/Bills (not accepted in any currency from 10 October 2022) 7 ”
On page 5, new footnote 7 is added:
“ 7 Foreign Cheques/Bills will not be accepted in any currency for new accounts opened on or after 11 April 2022.”
On the cover page, the second dot point is deleted and replaced with:
“• Foreign Cheques/Bills (not accepted in any currency from 10 October 2022)”
On page 2 the item in the “Contents” and on page 8 the corresponding heading that each read “Foreign cheques” are deleted and replaced with:
“Foreign cheques (not accepted in any currency from 10 October 2022)”
On page 3, the third dot point under the heading “About our services” is deleted and replaced with:
“• deposit foreign cheques to your accounts (not accepted in any currency for new accounts opened on or after 11 April 2022). Note: For all accounts, Foreign Cheques/Bills will not be accepted in any currency from 10 October 2022.”
On page 17, Part ‘3.1 Fees’, at the end of that Part a new paragraph is added:
“Important Note: Foreign Currency Cheques (Foreign Cheques/Bills) will not be accepted in any currency for new accounts opened on or after 11 April 2022. For all accounts, Foreign Cheques/Bills will not be accepted in any currency from 10 October 2022.”
You can access the new PDF version of the terms and conditions here:
Effective 11 April 2022, Commonwealth Bank of Australia’s (CommBank) “Standard fees and charges for international payments and travel funds.” leaflet; “International Payments Information Guide”; and “Foreign Currency Accounts. Terms and Conditions” are amended as set out below.
On page 3, under the heading ‘IMTs sent using CommBiz’ the first paragraph under the table is deleted and replaced with:
“The Bank will pay the correspondent bank fees for cross-currency IMTs, except IMTs in JPY.”
On page 2, item 7, the final sentence beginning “The Standard fees and charges….” is deleted.
On page 2, item 12, delete everything after “Funds may be credited to” in the second sentence and add:
“:
The Bank will not be liable for any losses or damages as a result of the return of funds.”
On page 4, under the heading ‘Using correspondent bank and their commissions, fees and other charges’, in the first sentence of the second paragraph, “can” is deleted.
On page 7, under the heading ‘Payment returns, amendments or cancellations’, delete everything after “We’ll credit this money to” in the second sentence and add:
“:
We won’t be liable for any losses or damage caused by the return of an IMT.”
You can access the new PDF version of the terms and conditions here: