Commonwealth Bank has backed down on plans to move some customers to an account that charges a $3 fee for withdrawing cash over the counter at its branches, after an intervention by the federal government.
Treasurer Jim Chalmers called CBA chief executive Matt Comyn on Wednesday morning to communicate the government’s concerns with changes the bank unveiled on Tuesday. These included moving around 1 million customers from an old account that did not charge an over-the-counter cash withdrawal fee to one that did.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
