Commonwealth Bank hands back $2.2m from travel money cards

Commonwealth Bank hands back $2.2m from travel money cards

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.

Read more: CBA to refund $2.2 million in expired travel card money

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David Flynn

David Flynn (David)

[email protected] / @djsflynn

David Flynn is the editor of Australian Business Traveller and a bit of a travel tragic with a weakness for good coffee, shopping and lychee martinis.
 

2 Comments

  • sagidec

    sagidec

    13 Oct, 2014 09:55 am

    The exchange rate provided by this bank is highly unfavourable to load cash.

    Qantas cash at the moment seems to give better rates for those who are keen to lock the exchange rates upfront.

    Yes - there is the 28 Degrees card and Citibank Plus which I am well aware of. Re-iterating, this is an option for those who wants to lock the rates up front against currency fluctuation.

    No member give thanks

  • Hugh McGarry

    Journeyman

    30 Jan, 2016 01:36 pm

    31 Jan 2016 Thailand

    What a useless card the CBA Travel Money Card is. One can not depend on it. Worked fine in Singapore and Indonesia. Now in Thailand where it will not work in ATM's or restaurants.  At ATMs the message is "insufficient funds" no matter how small an amount one enters and despite having ample Baht and AUD funds on on  the card. Never again

    No member give thanks

Guest

18 Nov, 2017 07:58 am

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