FYI, From my CBA account manager. Might be useful to someone.
Continuing to serve our customers and support the economy.
In the current uncertainty surrounding coronavirus, the financial and personal wellbeing of our customers and people remains our priority.
This link contains the latest Government update:
Coronavirus support - CommBank
This page will be updated regularly with the latest advice and guidance.
How we're supporting our Personal customers
1. Defer Your Repayments:
All of our home loan customers will be able to defer their repayments for up to six months should they need to.
Support for Home Loan Customers - CommBank
2. Product Changes:
Following the Reserve Bank of Australiaās out of cycle cash rate announcement some of our products have changed.
Rate announcement
3. Keeping our branches open:
With the largest branch network in Australia we remain open and we are keeping our people safe to ensure they are available to serve you.
Find a Commonwealth bank branch, ATM or service near you.
4. Digital Banking:
You can access your accounts 24 hours a day through
the CommBank app and via
NetBank. You can continue doing familiar things like paying someone, seeing your account balance and transferring money between accounts
5. Chat to Ceba - straight away:
Ceba, your virtual banking assistant, can answer your day-to-day banking questions or point you in the right direction if you need to speak to someone. Find Ceba anytime in the top right corner of
the CommBank app, and in
NetBank
How we're supporting our Business customers
Recognising the important role small and medium businesses, along with community groups play across the economy, we are:
- Offering an unsecured loan of up to $250,000 (lending criteria applies) with no establishment or account fees, and no repayments required for six months for business with less than $50m turnover. After 6 months, interest would accumulate at a low 4.5%, with principle and interest repayments required.
- Automatically deferring Better Business Loan and Asset Finance repayments for eligible small business and community group customers with total lending limits with CommBank up to $3 million in April, May and June 2020. From July, customers will be able to opt-in to receive a further three month deferral if needed in line with the ABA loan deferral arrangements. Weāll communicate with our customers about how they can make repayments if they do not wish to be covered by the auto-enrolment and continue to explore other options to assist
- Reducing rates on Better Business Loans, Business Overdrafts and other products by 25 basis points, effective as at 24 March 2020
- Providing additional resourcing and extended hours for commercial lending teams to ensure faster decision times
We'll also support our small and medium business, and community group customers who may be facing financial difficulty by providing financial assistance, including:
- Deferring repayments on overdraft products, for 90 days
- Waiving merchant terminal fees for impacted customers with CommBank merchant terminals, for 90 days
- Waiving early redraw fees on business term deposit accounts (including Farm Management Deposit accounts)
- Waiving establishment fees and excess interest on Temporary Excess products
- Deferring repayments on vehicle and equipment finance loans, and providing tailored restructuring options that meet individual customer needs
