Savers to be slugged $1.3b by rate cut

Original article by James Frost
The Australian Financial Review – Page: 6 : 12-Jun-19

Data from Canstar shows that smaller banks have reduced their interest rates on at-call cash accounts by up to 30 basis points in the wake of the Reserve Bank’s official interest rate cut. The four major banks have yet to reduce their own rates on at-call accounts, but Finder’s Graham Cooke warns that is only a matter of time. It is estimated that savers’ income from the interest on at-call accounts will be slashed by around $1.3bn if the official interest rate cut is passed on in full.

CORPORATES
CANSTAR PTY LTD, RESERVE BANK OF AUSTRALIA, FINDER.COM.AU, AMP BANK LIMITED, SUNCORP BANK, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, MACQUARIE CREDIT UNION LIMITED, RATECITY PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC

1.3 million Australians considering opening new bank accounts in next 6 months

Original article by Roy Morgan
Market Research Update – Page: Online : 4-Dec-18

A Roy Morgan Single Source survey, which was undertaken in the 12 months to October 2018, shows that 1.3 million Australians aged 14+ (6.4%) are considering opening a new bank account in the next six months. This compares with 1.31 million in the year to October 2017. Some 341,000 Australians (26.3%) who are considering opening a new account in the next six months say that they are likely to do so with the CBA. The ANZ is in second place with 188,000 (14.5%), followed by Westpac (152,000) and NAB (125,000). Among the banks outside of the big four, ING is the best performer with 86,000, followed by Bendigo Bank with 66,000. The Single Source survey is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 2,500 with people who are considering opening a new bank account.

CORPORATES
ROY MORGAN LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ING BANK (AUSTRALIA) LIMITED, BENDIGO BANK

CBA loses 12 million customer statements and keeps it secret

Original article by
The Australian – Page: 1 & 4 : 3-May-18

The Commonwealth Bank of Australia has belatedly admitted that it misplaced data on the financial transactions of 19.8 million accounts. The data breach occurred in 2016, when a subcontractor lost tape drives that contained more than a decades’ worth of financial transactions. CBA has indicated that it notified regulators of the incident but decided that it did not need to inform customers of the breach.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BUZZFEED PTY LTD, AUSTRALIA. OFFICE OF THE AUSTRALIAN INFORMATION COMMISSIONER

Cyber crooks selling forged CBA statements for just $6

Original article by Duncan Hughes
The Australian Financial Review – Page: 3 : 28-Jul-17

Identity theft is growing at 80 per cent per annum according to Equifax, while fake Commonwealth Bank and Westpac bank statements can be acquired on the "dark web" for as little as $A6. Spokespersons for both banks state that they have a range of technologies and monitoring activities in place aimed at preventing the theft of customer data. Identity thieves can use false bank statements for any number of purposes, including setting up other bank accounts and earning identity points to acquire drivers’ licences and other official documents.

CORPORATES
EQUIFAX INCORPORATED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, COLONIAL FIRST STATE INVESTMENTS LIMITED, THE PERSONNEL RISK MANAGEMENT GROUP PTY LTD, PHARMACYID PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD