CBA is one of the four major Australian banks. As with the other major four banks, Australians have a love/hate relationship with CBA. There is a disdain for the major banks but Australia cannot live without them. Australian financial regulation protects the four major banks from takeover making them highly profitable and uncompetitive (akin to a utility company). Although they are strongly incentivsed by profit, they also operate on a social license which means they cannot ignore the demands of the government. Hence, although we reluctantly put up with their poor service levels, if there is a financial institution that is going to help Australian's out of a tough financial position, it will be one of the four major banks.
Facts and lender background
In 2008, Commonwealth Bank bought Wizard Home Loans from GE and BankWest from HBOS.
Commonwealth Bank is rated AA- by S&P. The Australian Government's guarantee on deposits under the Financial Claims Scheme applies to deposits held with Commonwealth Bank.
Commonwealth Bank is publicly listed on the ASX.
25% of Commonwealth Bank's funding is from the wholesale capital market.
Product Review Rating
average is 2.1 / 5
As at 30 June 2016, Commonwealth Bank had 1,000 branches (1,131 including Bankwest stores). You are able to transact at more than 3,200 Australia Post outlets that display the Bank@Post sign. This provides you with real-time deposits and the ability to draw cash.
Internet banking is available.
Customers can withdraw cash free of charge from any of the major banks ATMs.