CBA to pay $2.2 million to aggrieved customers

The Commonwealth Bank has agreed to release $2.2 million for customers who had money left on expired Travel Money Cards following concerns expressed by the corporate regulator.

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by Reporter - October 09, 2014 0 comments

In a statement released by ASIC yesterday, the regulator said the CBA has made changes to all its Travel Money Cards so consumers will not forfeit any funds on expired cards.

“Instead, any expired funds will be held by the CBA for three years and, if they remain unclaimed by consumers, will be treated as unclaimed money,” a statement from ASIC said.

“This will allow consumers to retrieve the money at any time in the future,” it said.

“Before these changes, funds left on CBA Travel Money Cards for 12 months after card expiry could be forfeited to the CBA,” the statement said.

ASIC deputy chairman Peter Kell said ASIC is reviewing the operation of other travel cards in the market, with a particular focus on identifying any “unfair contract terms or deficient disclosures”.

“Consumers who consider they may be entitled to funds on expired travel cards should contact the institution where those funds were last held,” a statement from ASIC said.

“Consumers who think they may have left funds on a CBA Travel Money Card can contact the CBA for further information about reclaiming their funds,” it said.