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CBA delivers Debit Mastercards; ensures alternative banking options

CBA, Commonwealth Bank, AustraliaCommonwealth Bank (CBA) is delivering Debit Mastercards to customers who rely only on passbooks to withdraw money, as part of an industry-wide response to ensure all Australians have alternative banking options available to them while necessary lockdowns and social distancing remain in place.

To enable these passbook customers to pay for goods and services electronically, where they otherwise could only withdraw cash in a branch, CBA will be providing a Debit Mastercard linked to a transaction account.

CBA Executive General Manager Everyday Banking Kate Crous said, “We know passbooks are invaluable to some of our customers, and it’s important we help them navigate through these uncertain times.

“Visiting a branch right now may be difficult for many customers, which is why having a Debit Mastercard on hand gives them another way to access their funds safely during this time.

“We will be writing to many passbook holders shortly with information about how to use the card as well as to assure them we will be retaining our passbooks as we know they are highly valued by our customers.”

Funds from the passbook account can be transferred to the transaction account to allow for payments and ATM withdrawals using the Debit Mastercard. The transaction account, Streamline Basic, has no monthly account fee, and no withdrawal fees for assisted or electronic withdrawals. The account also has no overdrawing or dishonour fees.

In April, the bank from its latest analysis, found that digital wallet users spent $1 billion in a record number of transactions in March 2020. The analysis derived from Visa and Mastercard found that digital wallet transaction spends (which looks at CBA Tap & Pay, Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay) in March 2020 grew strongly – increasing 17 per cent from February 2020 – and outpaced the average monthly compound growth rate of 6.7 per cent over the past 6 months.

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