IN BRIEF | The Commonwealth Bank has pledged to hand over $2.2 million to the owners of 45,000 expired pre-paid travel money cards.
The terms and conditions of the bank's CBA Travel Money Card had previously said that money left on the cards beyond 12 months past the card's expiry date would be claimed by the bank.
This has now been changed to have the money held by the bank for three years, after which it will be classified as "unclaimed money" which can be searched via the Government's MoneySmart website.
The Australian Securities and Investments Commission is investigating claims that many reloadable travel money cards pose unfair contract terms, which can include forfeiting money remaining on expired cards and charging a fee for inactive cards.
"ASIC is reviewing the operation of other travel cards in the market, with a particular focus on identifying any unfair contract terms or deficient disclosures" said ASIC deputy chairman Peter Kell.
"We will take action where appropriate."
ASIC said people who think they still have money on expired CBA travel cards should contact the bank.
Follow Australian Business Traveller on Twitter: we're @AusBT