In a move that has left many customers feeling blindsided, Commonwealth Bank, Australia’s largest bank, has announced a new fee structure that will see some customers charged for services that were previously free. Starting from January 6, 2025, the bank will introduce a $3 fee for cash withdrawals made at a branch, post office, or via telephone banking.
This change comes as the bank transitions customers from the ‘Complete Access Account’ to the ‘Smart Access Account.’ While the fee will not apply to individuals under 18 or those with disabilities who rely on over-the-counter services, it marks a significant shift in the bank’s approach to everyday transaction fees.
The announcement has sparked a wave of frustration among Commonwealth Bank customers, many of whom have taken to social media to express their discontent. The sentiment is clear: being charged to access one’s own money feels like a step too far, with some customers threatening to close their accounts in protest.
The $3 fee aligns Commonwealth Bank with its competitors, as ANZ, NAB, and Westpac have already implemented similar charges for staff-assisted transactions. However, this alignment offers little consolation to customers who feel they are being unfairly penalised.
Commonwealth Bank’s decision is part of a broader trend in the banking industry towards reducing physical cash services and promoting digital banking solutions. The bank has invested heavily in this area, spending $410 million on cash services for the year ending June 2024, with a significant portion allocated to maintaining cash on hand.
Despite insisting that it has no plans to go completely cashless, Commonwealth Bank has opened several ‘Specialist Centres’ that do not handle physical cash, focusing instead on other financial products and services. This shift has raised concerns about the future of cash access, particularly for older Australians and those in regional and rural areas.
The closure of bank branches and ATMs has been a growing issue, with almost 450 branches and ATMs shutting down in the last financial year alone. This trend has had a disproportionate impact on regional communities, where residents may now have to travel significant distances to find an ATM or bank branch.
A senate inquiry in March highlighted the vulnerability of regional and rural Australians to a cashless society, with reports of residents having to fly to cities with suitcases full of cash to make deposits following local bank closures. The inquiry also heard of increased risks of robberies, scams, and elder abuse in these areas.
The situation in west Sydney exemplifies the problem, with residents left frustrated after major banks, including Commonwealth Bank, closed local branches without warning. These closures have forced many, particularly the elderly and those with chronic health issues, to travel further for their banking needs.
What are your thoughts on these new fees? Have you found a banking solution that better suits your lifestyle? Share your experiences in the comments below!
