(10 February 2019 – Australia) Commonwealth Bank is announcing changes to a series of unpopular fees and charges, along with a commitment to keep lending to SMEs as fears of a looming credit squeeze increase.
The changes are in response to community concerns and political pressure following the release of the Hayne royal commission’s final report.
Commonwealth Bank will begin rolling out same-day decisions on unsecured business loans of up to $250,000 for existing customers. Eligible customers will be able to apply for secured loans of up to $1 million.
Among the charges removed by the bank include unpopular fees of $30 for copies of asset finance contracts or amortisation schedules.
Other services the bank will no longer charge for include the changing of contract dates for asset finance, direct debit entry changes, and transaction history file imports.
The bank will also announce its decision to cease charging default interest to farmers affected by drought or other natural disasters, bringing the bank into line with other banks, including ANZ and NAB.