ASIC review of travel cards forces CBA to refund 2.2M

[markis10]

THE Commonwealth Bank of Australia has agreed to refund $2.2 million in unclaimed cash on expired travel money cards.

The Australian Securities and Investments Commission says the bank has agreed to change the cards after it raised concerns about them.
The changes will affect 45,000 customers.
Before the changes, funds left on the bank’s travel money cards for 12 months after they expired could be forfeited to the CBA. Now, those funds will not be forfeited. Instead, the CBA will hold them for three years and, if they remain unclaimed, treat them as protected unclaimed money which ASIC is responsible for.
“This will allow consumers to retrieve the money at any time in the future,” ASIC said in a statement on Wednesday.

Commonwealth Bank to refund $2.2 million in travel money cash after ASIC raises concerns

 

[trippin_the_rift]

Uh oh.... Dangerous precedent.

 

[cove]

Finding unclaimed money is the closest thing to a lotto win. I look once a year and it can be worthwhile. Letting big banks forfeit money really is not a good look.

 

[Pushka]

I have a travel card with unused funds but the bank that funds it is making sure they deduct an amount each month so that in a year or so there wont be any money left to claim. Not Commonwealth.