Yahoo Finance Commonwealth Bank glitch sparks major cash question: 'We can't trust them'
Customers were hit with duplicate transactions, which left some tens of thousands of dollars out of pocket.
Angry Aussies are committing to using cash more often after a Commonwealth Bank (CBA) glitch saw their accounts hit with duplicate transactions. The issue struck on Saturday (October 19) morning and the bank revealed at 5:30pm that the situation had been "resolved".
But that hasn't stopped many calling for compensation for the bug as some had hundreds or even thousands of dollars drained from their accounts. CBA has apologised for the inconvenience and anyone with financial difficulties has been urged to contact them.
“We have now resolved an earlier issue where some customers experienced duplicate transactions in their accounts. The process to reverse these transactions has been completed," a CBA spokesperson told Yahoo Finance.
“Please be assured any fees charged will be refunded."
It comes only days after Westpac and St George customers couldn't access online banking due to a separate glitch.
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CBA customers lost tens of thousands of dollars in glitch
If you were double charged a latte over the weekend then it likely won't have broken your bank account, but many Aussies were crippled by much bigger double-ups.
According to The Australian, one person was charged twice for a $57,000 surgery bill. Many others complained on social media about the debacle.
"Of course it was the day I made the biggest f**king transaction of the year. Love being a few grand negative and not being able to shop. I had s**t to do today," one customer said.
“Stuck at a servo, with my car keys and ID being withheld like a criminal and threatened to have police called on me and you couldn’t even notify your customers,” wrote another.
A different customer added: “Absolute disgrace! You’ve pushed my partner and I into a state of poverty, unable to get food and fuel.”
Many have called on CBA to offer them compensation to rectify the issue.
"How about compensation for the inconvenience and stress caused. Should never have happened in the first place. Putting the money back is the first step but not nearly good enough in my humble opinion," wrote one disappointed customer.
"We should get some compensation for what happened today. Couldn’t get to do what was planned for the whole day," added another.
Others said they would be withdrawing all their money from CBA and would find a new bank.
Calls for more people to use cash
The incident has also seen many people promise to use and depend on cash more often to avoid being caught out again.
"Petition for everyone to use CASH only because we clearly cannot trust online banking services. Whilst it may be a glitch and not be the fault of the bank. This is clear evidence that we cannot be a cashless society," wrote one concerned CBA customer.
"I need compensation for this inconvenience, how come this happened? It means that 'Cash is the King' and from now on we can’t trust on banks, can’t even sleep in peace on weekend," said another.
A third added: "Time to go back to using cash. At least we can trust ourselves to keep our own money safe + avoid wasting money on all the fees you charge us to access our OWN money."
It comes at a time when banks are closing hundreds of bank branches and removing thousands of ATMs.
The number of bank-owned branches and bank-owned ATMs has drastically fallen, with Westpac and the Commonwealth Bank leading the move away from cash.
The Big Four Australian banks have removed 217 ATMs in the past 12 months and a staggering 8,338 bank-owned ATMs in the past seven years.
Bank branches are also becoming a thing of the past, with Aussies losing access to 230 banks in the last financial year and a total of 2,334 in the past seven years.
CBA customers warned over scam activity after bug
Aussies have been told to be wary of any messages circulating social media as they could be scams.
Scammers usually pounce following incidents like these and will try to help you recover your money.
Never hand over your banking information to people who call or message you from out of the blue.
If you receive a message or phone call from a number you don't recognise, hang up and call CBA back to make sure it's definitely them.
"Remember, we'll never send you an email or SMS asking for banking information like your NetBank Client ID, password, or NetCode; or include a link to login directly from an email or SMS," the CBA spokesperson explained to Yahoo Finance.
What do I do if I've been affected by the glitch?
You won't have to do anything if you have seen duplicate charges on your accounts.
A CBA spokesperson told customers that any fees charged would be refunded and customers do not need to contact the bank to request a reversal of charges.
They apologised to customers for the “inconvenience” and urged anyone with financial difficulties, such as a temporary overdraft, to contact the bank.
- with Newswire
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