Commonwealth Bank 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.
Funds from the passbook account can be transferred to this transaction account to allow for payments and ATM withdrawals using the Debit Mastercard.
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."
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.
