What you said about Commonwealth Bank’s $3 withdrawal fee

The Commonwealth Bank’s decision to add an extra fee to customers has sparked savage criticism. HAVE YOUR SAY

• Bank’s $3 fee to withdraw own cash

Millions of loyal customers of Australia’s biggest bank are set to be slugged a $3 fee when they make a withdrawal – and the outrage has already started.

Commonwealth Bank accounted on Tuesday a new $3 assisted withdrawal fee will be imposed every time one of its “Smart Access Account” holders want to take out cash at a branch, post office or over the phone.

Commonwealth Bank issued the notice to a large number of its 17 million account holders, after announcing it would close its “Complete Access Account” and move customers to its “Smart Access Account” – which will also impose a $4 monthly account fee.

A Commonwealth Bank representative said there would be no change to ATM withdrawals, which remain free for customers.

Shoppers on mobile phones walk past the Commonwealth Bank Branch at the Rundle Mall Adelaide, South Australia. Picture NCA NewsWire / Emma Brasier.

The notice to customers said the “assisted withdrawal fee” would not be imposed “if you are under the age or 18, or you are reliant on over the counter services because of a disability”.

Last month, Commonwealth Bank revealed it had posted a $2.5 billion profit in the first quarter of the financial year.

News of the fee sparked immediate outrage from readers, with some threatening to change banks.

Others, though, took aim at Labor, while some insisted it was simply the way things are done in business.

See what you had to say below and join the conversation on Facebook >>>

WHAT YOU SAID

What a joke

Charles Bean

Stop this now!

Timeless

I will have no need for an ‘assisted withdrawal fee’ to withdraw ALL my cash. They can assist me by closing my account.

Pedro the elder

Yet another grab for cash usually from the people who least afford it of simple don’t have access to the technology.

Jan

Vote with your feet and transfer your money to another bank who cares for their customers! 🤑🇦🇺 classic example of corporate GREED!$$$

Jamo Man

Highway robbery. I will cancel my accounts and never set foot in there banks or use there ATM’S again

Lynette

There are times when you need to go into the bank to draw out cash especially if you want certain denominations and larger amounts These banks continue to close branches They are just thieves plain and simple

Commonwealth Bank will impose a new withdrawal fee to customers in store and over the phone. Britta Campion / The Australian

Wider issues

john

all this started when they made your pay go into a bank! you have no choice but to deal with them! when you have no choice you pay!

Maesmore

The real (hidden) issue to this is the Banks are trying to get rid of cash. If they succeed the banks surcharge to our credit cards will increase. I use cash and credit card and it’s my decision. When technology breaks down and there’s a trolley full of groceries cash is king.

Bruce

Some believe that big businesses, like banks, are simply a public service. Whenever a bank’s “huge” profit is mentioned there is no reference to what % of assets that is. Some think that it would only be reasonable for a bank to make $1000 a year in profits for their $billions invested.

Perfect Pete

To charge someone a fee to access your own money is an act Ned Kelly would be proud of. Doing the utmost to force an end to cash, then see the Bank charges rocket up

I blame Labor

Richard

This Labor government wants to know everything we do!

What about

The banking commissioner should work with the government to ban this practice

K

Put a tax on it – Albos answer to everything.

Adam Clay

They charge extra for using your card every time and now they’re charging to withdraw cash so you don’t pay the charges.

Surely it’s time our government steps in and asks wtf they’re doing

Commonwealth Bank has come under fire. Picture: Britta Campion / The Australian

No issue

Colin

banks are businesses not charities. you will find exemptions in case of hardship. just get the money from the ATM like normal people

Chook Raffle

Charging for withdrawals at Bank@Post isn’t exclusive to CBA, Bendigo Bank and Beyond Bank already do it, is there any outrage at them too?

PS I am a NAB customer not CBA, so not defending them.

Colin

good luck finding a non charging bank

Whitney

There’s been a fee for years, it was $2.50. This is not news.

Originally published as What you said about Commonwealth Bank’s $3 withdrawal fee