Greedy’ Commonwealth Bank blasted for fee grab   :(

The New Daily
Dec 04, 2024



Australia’s largest bank is under pressure to abandon plans to charge some customers to access their own cash.

In a move widely blasted as greedy and out of touch, the Commonwealth Bank announced on Tuesday it would shift all customers with Complete Access accounts to Smart Access accounts, which have “assisted withdrawal fees”.


The $3 fee hits customers when they take cash out from bank branches, post offices or over the phone. It does not affect withdrawals from ATMs.

The fee – branded “the worst Christmas present” by Assistant Treasurer Stephen Jones – will not apply to age, service and disability pensioners, those aged under 18 and people with disabilities that require them to use branches.

But that has not stopped a pile-on from other prominent politicians, who have urged the bank to reconsider the decision.

“People understand there’s some charges relating to banking transactions, but this seems pretty extraordinary to have a charge of this size for a simple transaction of going into a bank and withdrawing your own money,” Finance Minister Katy Gallagher told Nine’s Today program on Wednesday.

Fellow Labor minister Clare O’Neil said the move was a “kick in the guts”.

“Everyone’s had a bit of a tough year on the cost-of-living front … come on guys, it’s Christmas, we don’t need this right now,” she told Seven’s Sunrise.

The bank said fees on the Smart Access account, its main transaction account, had not changed and it continued to offer withdrawal fee waivers for eligible customers.

The CBA’s move follows similar steps by its competitors, including Bendigo and Adelaide Banks, which introduced a $2.50 fee for branch withdrawals of cash in October.



The Finance Sector Union said such fees were “all about increasing their profit”.

“In a cost-of-living crisis, every cent counts and $3 is a significant hit, especially for customers on low incomes, pensions and benefits,” the FSU’s national secretary Julia Angrisano said on Tuesday.

“It is an unnecessary and greedy grab from a bank that’s making plenty while also cutting costs,” she said.   :(

Liberal senator Jane Hume said customers would vote with their feet and close their accounts – including herself.

“I have a Commonwealth Bank account I’ve had since I was at university. I will be shutting it because of this decision,” she said.

“I don’t know whether it’s a Complete Access account or not [but] it’s a bad decision and I will be shutting my account.”

On ABC TV, another Coalition frontbencher, Ted O’Brien, added his criticisms. He said he’d recently dealt with the effect of the CBA closing a local branch and was worried the latest change would hit the same customers.

“I’m thinking about those same senior citizens who are struggling because, all of their life, they’ve become accustomed to walking into a branch,” he told News Breakfast.

“I think, for them to be stung by $3 is certainly worthy … of a serious rethink on behalf of the bank,” he says.

Independent MP Monique Ryan said the move showed cash was under threat in Australia.   :(

The government recently announced a proposed mandate for businesses such as supermarkets, pharmacies and petrol stations that sell essential items to accept cash payments.

About 94 per cent of businesses accept cash, a fall from 99 per cent before the Covid-19 pandemic.

The Commonwealth Bank has paused its plans to charge customers a $3 fee to withdraw their own money at bank branches around the country.

This was a ridiculous announcement by com bank. Charging people to get there own money is extortion. They had a $9.5BILLION profit last year.

I suspect they hoped it would get lost with everyone busy in the xmas lead up.

I know I for one will be closing my accounts with them.

Greens will legislate to override cash withdrawal fees   :)
2024-12-04
greens.org.au
The Greens will seek to legislate against banks charging exorbitant fees to customers for withdrawing their own money.

"The cost-of-living is smashing people across the country, with households struggling to cover basics like food and bills,” Greens Economic Justice Spokesperson Senator Nick McKim said.

"The last thing they need is another expense when they're just trying to take out money to pay for their weekly grocery shop.”

"The government cannot let banks price-gouge customers. People shouldn’t pay for the privilege of accessing their own money.“

“The Big Four banks just posted collective profits of more than $30 billion. This is greed at an unprecedented scale.”

"The Greens will seek to overrule this when Parliament returns."

When banks reduce or close their ATM's

just like they did when they sacked all the Tellers, forcing us to use a card & ATMs

you will have no choice but to use 3rd party ATMs

and they charge nearly up to $4 to withdraw your money from your own accounts.

Banks have become very predatory on their own customers.

I'm not religious but these were the sorts of bastards that Jesus threw out of the Temple.

Gnads wrote on Dec 4^th, 2024 at 6:49pm:

When banks reduce or close their ATM's just like they did when they sacked all the Tellers, forcing us to use a card & ATMs you will have no choice but to use 3rd party ATMs and they charge nearly up to $4 to withdraw your money from your own accounts. Banks have become very predatory on their own customers. I'm not religious but these were the sorts of bastards that Jesus threw out of the Temple.

They're arseholes, that's for sure.

My bank has closed all its branches. Every last one.

However, I can deposit and withdraw cash at post offices, and there is no charge for me using other banks' ATMs.

They're still pricks though.

Gnads wrote on Dec 4^th, 2024 at 6:49pm:

I'm not religious but these were the sorts of bastards that Jesus threw out of the Temple.

https://m3.gab.com/media_attachments/26/e7/99/26e799ff79763b9e3034ce0847c7d41c.jpeg

greggerypeccary wrote on Dec 4^th, 2024 at 11:43am:

The Commonwealth Bank has paused its plans to charge customers a $3 fee to withdraw their own money at bank branches around the country.

those who agreed with go ahead with this idea should be fired

John Smith wrote on Dec 4^th, 2024 at 11:44am:

This was a ridiculous announcement by com bank. Charging people to get there own money is extortion. They had a $9.5BILLION profit last year. I suspect they hoped it would get lost with everyone busy in the xmas lead up. I know I for one will be closing my accounts with them.

The charges only affect assisted withdrawals, not ATM withdrawals.

Yes, you should close your accounts.

John Smith wrote on Dec 4^th, 2024 at 11:44am:

I know I for one will be closing my accounts with them.

You'll find all banks will follow suit.

They all want out of the cash business... As do federal and state governments.

By early 2025, nearly 99% of all transactions will be non-cash.

freediver wrote on Dec 5^th, 2024 at 8:31am:

John Smith wrote on Dec 4th, 2024 at 11:44am: This was a ridiculous announcement by com bank. Charging people to get there own money is extortion. They had a $9.5BILLION profit last year. I suspect they hoped it would get lost with everyone busy in the xmas lead up. I know I for one will be closing my accounts with them. The charges only affect assisted withdrawals, not ATM withdrawals. Yes, you should close your accounts.

I do all my banking at a post office. Com Bank ATM next door to the post office is always out of order. The branch is only open a half day. That branches customers have no choice but to use other options.

By the way, fees for business banking, which accounts for 90% of my banking, are now $5 per transaction, not $3.

MeisterEckhart wrote on Dec 5^th, 2024 at 8:39am:

John Smith wrote on Dec 4th, 2024 at 11:44am: I know I for one will be closing my accounts with them. You'll find all banks will follow suit. They all want out of the cash business... As do federal and state governments. By early 2025, nearly 99% of all transactions will be non-cash.

Govt needs to legislate against it.

For now I'm sticking with my local credit union. They do the same work for free.

And when the cashless electronic system fails because of a lack of electricity, solar flares and more.

What will people and businesses use?
And will there be compensation for such failures?

Looks like another Plasma TV gimmick to me.
Gonna be a costly mistake and the people will find that they've been ripped off and indeed cashless.

John Smith wrote on Dec 5^th, 2024 at 4:12pm:

MeisterEckhart wrote on Dec 5th, 2024 at 8:39am: John Smith wrote on Dec 4th, 2024 at 11:44am: I know I for one will be closing my accounts with them. You'll find all banks will follow suit. They all want out of the cash business... As do federal and state governments. By early 2025, nearly 99% of all transactions will be non-cash. Govt needs to legislate against it.

They won't.

Governments want cash gone... They just can't say it.

If they did, the media would find some old geriatrics in a ten-house town and write a hit piece on the suffering a cashless world is putting them through. How would they pay Hilda for the tea and scones at Bingo?

So politicians thump the table and wag their fingers at the banks... at least while the cameras are rolling...

Jasin wrote on Dec 5^th, 2024 at 4:15pm:

And when the cashless electronic system fails because of a lack of electricity, solar flares and more. What will people and businesses use? And will there be compensation for such failures?

The power's gone out before... Have you installed gas lamps at your house in case it goes out again? A diesel generator in the back yard?

John Smith wrote on Dec 4^th, 2024 at 11:44am:

They had a $9.5BILLION profit last year.

Those who have CBA shares are very happy with their profits it means dividends are higher for some than what they paid for the shares.  :)

MeisterEckhart wrote on Dec 5^th, 2024 at 4:32pm:

They won't.

they will if enough people insist on it

Baronvonrort wrote on Dec 5^th, 2024 at 4:47pm:

John Smith wrote on Dec 4th, 2024 at 11:44am: They had a $9.5BILLION profit last year. Those who have CBA shares are very happy with their profits it means dividends are higher for some than what they paid for the shares.  :)

once cash is gone those with shares will be charged $50 each time they touch their dividends, then they'll cry that they are victims

John Smith wrote on Dec 5^th, 2024 at 4:51pm:

MeisterEckhart wrote on Dec 5th, 2024 at 4:32pm: They won't. they will if enough people insist on it

Yep, well they're politicians and none of them have named that date for full cashless yet, so...

But they've paid the insurance by being miffed at bank fees...

They've run that up the flagpole and will be watching the numbers of those who salute.

And there's your problem - a business that runs in the black so highly no longer needs to be sustained by 'shareholders'.  The entire area of business and shareholding needs to be fully reviewed to fit with the 21st Century and not the 19th, when only the well-off had the money to invest in 'business'.

John Smith wrote on Dec 5^th, 2024 at 4:51pm:

MeisterEckhart wrote on Dec 5th, 2024 at 4:32pm: They won't. they will if enough people insist on it

Everyone does insist on free banking services. Also free plastic shopping bags. And free peanuts at the bar. Somehow it is still not enough.

You should hide all your money under the mattress instead John. That'll teach 'em.

freediver wrote on Dec 7^th, 2024 at 8:15am:

John Smith wrote on Dec 5th, 2024 at 4:51pm: MeisterEckhart wrote on Dec 5th, 2024 at 4:32pm: They won't. they will if enough people insist on it Everyone does insist on free banking services. Also free plastic shopping bags. And free peanuts at the bar. Somehow it is still not enough. You should hide all your money under the mattress instead John. That'll teach 'em.

Who said anything about free you dumbarse?

MeisterEckhart wrote on Dec 5^th, 2024 at 4:34pm:

Jasin wrote on Dec 5th, 2024 at 4:15pm: And when the cashless electronic system fails because of a lack of electricity, solar flares and more. What will people and businesses use? And will there be compensation for such failures? The power's gone out before... Have you installed gas lamps at your house in case it goes out again? A diesel generator in the back yard?

Everything electronic… what could possibly go wrong  ::)

And yes… getting prepped to go further backwards….
Got the old lamp within reach on top of kitchen bench, millions of candles and matches, 2 generators, and in case of solar flare where all cars are electronically cooked … we have one old lister with wind up crank handle to start it up  ;D

Re: anz banks closures…. It was totally unnecessary… and I miss the human interaction and help sitting at desks with bank officers.
How sad it makes me.

Btw this old lamp belonged to my in-laws when it was used at a time during/after war before electricity came to their farm house.

---

MeisterEckhart wrote on Dec 5^th, 2024 at 8:39am:

John Smith wrote on Dec 4th, 2024 at 11:44am: I know I for one will be closing my accounts with them. You'll find all banks will follow suit. They all want out of the cash business... As do federal and state governments. By early 2025, nearly 99% of all transactions will be non-cash.

And that’s weird …. Especially when we received a letter from Anz recently stating cash withdrawal from atm’s will go from $1,000 per day limit, to $2,500 per day limit per card from early Jan ‘25

I don’t get the reason behind all that… especially when it’s a push to go cashless.

Sophia wrote on Dec 7^th, 2024 at 9:45am:

MeisterEckhart wrote on Dec 5th, 2024 at 4:34pm: Jasin wrote on Dec 5th, 2024 at 4:15pm: And when the cashless electronic system fails because of a lack of electricity, solar flares and more. What will people and businesses use? And will there be compensation for such failures? The power's gone out before... Have you installed gas lamps at your house in case it goes out again? A diesel generator in the back yard? Everything electronic… what could possibly go wrong  ::) And yes… getting prepped to go further backwards…. Got the old lamp within reach on top of kitchen bench, millions of candles and matches, 2 generators, and in case of solar flare where all cars are electronically cooked … we have one old lister with wind up crank handle to start it up  ;D Re: anz banks closures…. It was totally unnecessary… and I miss the human interaction and help sitting at desks with bank officers. How sad it makes me. Btw this old lamp belonged to my in-laws when it was used at a time during/after war before electricity came to their farm house.

Now that, ladies and gentlemen, is the mindset of a remote community pragmatist!

Very few of them exist in first-world countries.

But when it comes to banks, their branch closures are more than necessary...

And with nearly all of us who've abandoned cash altogether, who are the customers?

But, more to the point, while some of us may rail against the huge profits banks make, no one is bitching when their super increases due, in part to those huge profits.

Sophia wrote on Dec 7^th, 2024 at 9:53am:

MeisterEckhart wrote on Dec 5th, 2024 at 8:39am: John Smith wrote on Dec 4th, 2024 at 11:44am: I know I for one will be closing my accounts with them. You'll find all banks will follow suit. They all want out of the cash business... As do federal and state governments. By early 2025, nearly 99% of all transactions will be non-cash. And that’s weird …. Especially when we received a letter from Anz recently stating cash withdrawal from atm’s will go from $1,000 per day limit, to $2,500 per day limit per card from early Jan ‘25 I don’t get the reason behind all that… especially when it’s a push to go cashless.

Pragmatism, I'm guessing, by fewer people needing assisted withdrawals - lower overheads.

$1000 ain't what it used to be 10 years ago.

MeisterEckhart wrote on Dec 7^th, 2024 at 10:13am:

Sophia wrote on Dec 7th, 2024 at 9:53am: MeisterEckhart wrote on Dec 5th, 2024 at 8:39am: John Smith wrote on Dec 4th, 2024 at 11:44am: I know I for one will be closing my accounts with them. You'll find all banks will follow suit. They all want out of the cash business... As do federal and state governments. By early 2025, nearly 99% of all transactions will be non-cash. And that’s weird …. Especially when we received a letter from Anz recently stating cash withdrawal from atm’s will go from $1,000 per day limit, to $2,500 per day limit per card from early Jan ‘25 I don’t get the reason behind all that… especially when it’s a push to go cashless. Pragmatism, I'm guessing, by fewer people needing assisted withdrawals - lower overheads. $1000 ain't what it used to be 10 years ago.

The point I’m getting at…. it just seems contradictory that there’s a push towards cashless (definitely more so in Europe!) and yet offering more cash withdrawals.

But …. as a result of my credit cards being compromised 3 times this year alone, with new card replacement, and just this week hubby’s card too! So that’s 4 times for just us 2 this year, so as a result,  I’m cashing out and carrying big wads around with me now and pay cash everywhere!
The good thing is… I won’t get mugged for cash… because no one has cash on them anymore, so assumptions are… noone will know I have.
See… going opposit to everyone has it’s merits  8-)

Sophia wrote on Dec 7^th, 2024 at 10:46am:

MeisterEckhart wrote on Dec 7th, 2024 at 10:13am: Sophia wrote on Dec 7th, 2024 at 9:53am: MeisterEckhart wrote on Dec 5th, 2024 at 8:39am: John Smith wrote on Dec 4th, 2024 at 11:44am: I know I for one will be closing my accounts with them. You'll find all banks will follow suit. They all want out of the cash business... As do federal and state governments. By early 2025, nearly 99% of all transactions will be non-cash. And that’s weird …. Especially when we received a letter from Anz recently stating cash withdrawal from atm’s will go from $1,000 per day limit, to $2,500 per day limit per card from early Jan ‘25 I don’t get the reason behind all that… especially when it’s a push to go cashless. Pragmatism, I'm guessing, by fewer people needing assisted withdrawals - lower overheads. $1000 ain't what it used to be 10 years ago. The point I’m getting at…. it just seems contradictory that there’s a push towards cashless (definitely more so in Europe!) and yet offering more cash withdrawals. But …. as a result of my credit cards being compromised 3 times this year alone, with new card replacement, and just this week hubby’s card too! So that’s 4 times for just us 2 this year, so as a result,  I’m cashing out and carrying big wads around with me now and pay cash everywhere! The good thing is… I won’t get mugged for cash… because no one has cash on them anymore, so assumptions are… noone will know I have. See… going opposit to everyone has it’s merits  8-)

Just don't get caught on a spycam withdrawing $2500 too often!

The $2500 thing? I'd guess the bank got tired of tellers dealing with assisted withdrawals below $5000 which don't trigger AUSTRAC's 'know your customer' mandatory noting/reporting rules. That and the bank does not need to manage as much cash on hand.

Then, maybe their analytics process indicated that $2500 was the ATM sweet spot for cash withdrawals for their hardcore cash customers.

MeisterEckhart wrote on Dec 7^th, 2024 at 11:06am:

Sophia wrote on Dec 7th, 2024 at 10:46am: MeisterEckhart wrote on Dec 7th, 2024 at 10:13am: Sophia wrote on Dec 7th, 2024 at 9:53am: MeisterEckhart wrote on Dec 5th, 2024 at 8:39am: John Smith wrote on Dec 4th, 2024 at 11:44am: I know I for one will be closing my accounts with them. You'll find all banks will follow suit. They all want out of the cash business... As do federal and state governments. By early 2025, nearly 99% of all transactions will be non-cash. And that’s weird …. Especially when we received a letter from Anz recently stating cash withdrawal from atm’s will go from $1,000 per day limit, to $2,500 per day limit per card from early Jan ‘25 I don’t get the reason behind all that… especially when it’s a push to go cashless. Pragmatism, I'm guessing, by fewer people needing assisted withdrawals - lower overheads. $1000 ain't what it used to be 10 years ago. The point I’m getting at…. it just seems contradictory that there’s a push towards cashless (definitely more so in Europe!) and yet offering more cash withdrawals. But …. as a result of my credit cards being compromised 3 times this year alone, with new card replacement, and just this week hubby’s card too! So that’s 4 times for just us 2 this year, so as a result,  I’m cashing out and carrying big wads around with me now and pay cash everywhere! The good thing is… I won’t get mugged for cash… because no one has cash on them anymore, so assumptions are… noone will know I have. See… going opposit to everyone has it’s merits  8-) Just don't get caught on a spycam withdrawing $2500 too often! The $2500 thing? I'd guess the bank got tired of tellers dealing with assisted withdrawals below $5000 which don't trigger AUSTRAC's 'know your customer' mandatory noting/reporting rules. That and the bank does not need to manage as much cash on hand. Then, maybe their analytics process indicated that $2500 was the ATM sweet spot for cash withdrawals for their hardcore cash customers.

True point.
Well I only have and need x amount in savings account with many direct debit payments (utilities, insurance, eastlink, etc) so even $2,500 is a bit hefty and don’t want to drain my account.
I’m happy with about $1,000 for a while …
I get my sushi, a cuppacino, occasional takeaway, lotto, …. alas what suckered me into using credit cards was that ANZ cards offered rewards points and about 45 days to pay back the debt by due date (also on auto debit payment) to avoid interest.
Worked well for me as I never spent more than I had in savings account.
And points galore! My first freebie with accumulated points was a Brother sewing  machine!
Then there were petrol vouchers too!
Anyway, I doubt I will ditch the card and I still will pay cash for stuff that don’t earn rewards points.

Sophia wrote on Dec 7^th, 2024 at 12:08pm:

MeisterEckhart wrote on Dec 7th, 2024 at 11:06am: Sophia wrote on Dec 7th, 2024 at 10:46am: MeisterEckhart wrote on Dec 7th, 2024 at 10:13am: Sophia wrote on Dec 7th, 2024 at 9:53am: MeisterEckhart wrote on Dec 5th, 2024 at 8:39am: John Smith wrote on Dec 4th, 2024 at 11:44am: I know I for one will be closing my accounts with them. You'll find all banks will follow suit. They all want out of the cash business... As do federal and state governments. By early 2025, nearly 99% of all transactions will be non-cash. And that’s weird …. Especially when we received a letter from Anz recently stating cash withdrawal from atm’s will go from $1,000 per day limit, to $2,500 per day limit per card from early Jan ‘25 I don’t get the reason behind all that… especially when it’s a push to go cashless. Pragmatism, I'm guessing, by fewer people needing assisted withdrawals - lower overheads. $1000 ain't what it used to be 10 years ago. The point I’m getting at…. it just seems contradictory that there’s a push towards cashless (definitely more so in Europe!) and yet offering more cash withdrawals. But …. as a result of my credit cards being compromised 3 times this year alone, with new card replacement, and just this week hubby’s card too! So that’s 4 times for just us 2 this year, so as a result,  I’m cashing out and carrying big wads around with me now and pay cash everywhere! The good thing is… I won’t get mugged for cash… because no one has cash on them anymore, so assumptions are… noone will know I have. See… going opposit to everyone has it’s merits  8-) Just don't get caught on a spycam withdrawing $2500 too often! The $2500 thing? I'd guess the bank got tired of tellers dealing with assisted withdrawals below $5000 which don't trigger AUSTRAC's 'know your customer' mandatory noting/reporting rules. That and the bank does not need to manage as much cash on hand. Then, maybe their analytics process indicated that $2500 was the ATM sweet spot for cash withdrawals for their hardcore cash customers. True point. Well I only have and need x amount in savings account with many direct debit payments (utilities, insurance, eastlink, etc) so even $2,500 is a bit hefty and don’t want to drain my account. I’m happy with about $1,000 for a while … I get my sushi, a cuppacino, occasional takeaway, lotto, …. alas what suckered me into using credit cards was that ANZ cards offered rewards points and about 45 days to pay back the debt by due date (also on auto debit payment) to avoid interest. Worked well for me as I never spent more than I had in savings account. And points galore! My first freebie with accumulated points was a Brother sewing  machine! Then there were petrol vouchers too! Anyway, I doubt I will ditch the card and I still will pay cash for stuff that don’t earn rewards points.

Yep! That's how to get it done!

Work with the bank's services - which must be aligned with financial regulations and duty to its shareholders - for personal optimum outcomes.

Greed is Good speech, Gordan Gecko (Michael Douglas) in Wall Street (1987)

"I am not a destroyer of companies, I am a liberator of them!

The point is, ladies and gentlemen, that greed, for lack of a better word, is good.
Greed is right, greed works.
Greed clarifies, cuts through and captures the essence of the evolutionary spirit.
Greed in all of its forms.
Greed for life, money, love, knowledge, has marked the upward surge of mankind, and greed
– you mark my words – will not only save Teldar Paper, but that other malfunctioning corporation called the U.S.A.

Bobby. wrote on Dec 7^th, 2024 at 12:35pm:

Greed is Good speech, Gordan Gecko (Michael Douglas) in Wall Street (1987)

You've got no super, then!

John Smith wrote on Dec 7^th, 2024 at 9:32am:

freediver wrote on Dec 7th, 2024 at 8:15am: John Smith wrote on Dec 5th, 2024 at 4:51pm: MeisterEckhart wrote on Dec 5th, 2024 at 4:32pm: They won't. they will if enough people insist on it Everyone does insist on free banking services. Also free plastic shopping bags. And free peanuts at the bar. Somehow it is still not enough. You should hide all your money under the mattress instead John. That'll teach 'em. Who said anything about free you dumbarse?

If not free, then what? Is there a right and wrong price?