Commonwealth Bank of Australia
(ASX:CBA) has rejected calls to install a system where bank account numbers would be portable between lenders.
According to the Australian Financial Review, CBA also defended its profit levels in a submission to the Senate inquiry into banking competition.
The AFR reports CBA’s submission statement says a change to the system of bank account numbers will undoubtedly result in extremely high costs for many users as they would have to change and retest their software.
The inquiry is expected to report on 31 March 2011, and has reportedly already received submissions from almost 90 organisations and individuals.
Commonwealth Bank boosted its net profit to $5.7 billion in the 2010 financial year.
