this post was submitted on 03 Dec 2024

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Commonwealth Bank to charge customers $3 'withdrawal fee' to access their own cash (www.abc.net.au)

submitted 7 months ago by Nath@aussie.zone to c/australia@aussie.zone

14 comments fedilink hide all child comments

I hope this inspires a massive migration off CBA and a rollback of the policy. Because if it doesn't, the other banks will be sure to follow.

all 18 comments

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[+] Baku@aussie.zone 15 points 7 months ago* (last edited 6 months ago) (2 children)

[deleted]

[–] Nath@aussie.zone 19 points 7 months ago (1 children)

Even if it is only under certain circumstances, charging customers to access money is appalling behaviour. Once upon a time, banks paid us to keep our money in their establishment. Now that our society has evolved to the point where we literally can't function without a bank account somewhere, the banks treat us like they don't need us.

[–] WhatAmLemmy@lemmy.world 2 points 7 months ago* (last edited 7 months ago) (1 children)

However, the account also includes an "assisted withdrawal fee", where customers taking money out at bank branches, post offices or by phone are charged $3 per withdrawal.

I'd rather not defend banks, but it appears the fee only applies when staff are involved. Withdrawing at an ATM or EFTPOS at checkout seem to remain free.

They should be legally required to provide free assisted withdrawals for seniors, the disabled, and post office withdrawals when an ATM is not within a few km's, but I don't think it'd be an issue for everyone else.

Personally I don't care about this, however I think most bank fees should be illegal, period; especially insufficient balance and all generic monthly fees. Nowadays most of these things are fully-automated, and I'd bet the cost of maintaining an inactive or low activity account are near-zero; the fees are just a tax on the poor, financially illiterate, and busy.

[–] MutilationWave@lemmy.world 1 points 7 months ago

For anyone who doesn't know, you can go into your bank account settings and disable "Overdraft Protection". Once you do this, your transaction will be declined if there are insufficient funds instead of overdrafting your account and charging you $30 or whatever it is now.

[–] dan@upvote.au 6 points 7 months ago* (last edited 7 months ago)

those done through an actual bank teller

That's the only type of cash withdrawal I do these days though. I've been living in the USA for a while but it was the same for me when I lived in Australia too. I can't be the only one?

I don't use cash day-to-day. When buying stuff at a store, I tap my watch or card to pay. For sending money to other people, I use Zelle, which is embedded in the apps and sites of all major US banks (roughly equivalent to PayID). Even the small vendors at farmers markets where I live usually accept card, Zelle, Venmo or PayPal.

For getting cash while overseas in countries where they're not as big on credit/debit cards, I have a Wise multi-currency account and use its debit card at a local ATM. Way better rates than exchanging cash.

If I want cash, it's usually because I want money for tips when travelling, and in that case I want smaller denominations ($1, $5, $10) so I go to the bank to get them. The ATMs only have $20s and $50s.

[–] ausgroucho@aus.social 13 points 7 months ago

@Nath One of the excuses when introducing ATMs was that it was cheaper to provide the service. They either lied then, or they're lying now. I know which option I prefer. Fark 'em. Fark 'em all.

[–] Joshi@aussie.zone 10 points 7 months ago

Corporate banks can go suck an egg. There are multiple good member owned banks whose directors are accountable to you and not shareholders.

[–] trk@aussie.zone 9 points 7 months ago (1 children)

More people need to use credit unions.

Also "Great Southern Bank" are dickheads for renaming from Credit Union Australia (CUA).

[–] notgold@aussie.zone 3 points 7 months ago

Yeah GSB sounds like something that will be recalled for causing bloated testicle or something. Being back CUA

[–] dan@upvote.au 8 points 7 months ago* (last edited 7 months ago) (1 children)

I moved away from CommBank once they started charging me a monthly fee while I was still a teenager, in the 2000s. Convinced my whole family to switch to NAB. I hope NAB don't follow suit.

[+] lud@lemm.ee 2 points 7 months ago* (last edited 1 month ago) (1 children)

[deleted]

[–] Zagorath@aussie.zone 4 points 7 months ago (1 children)

Most banks in Australia are completely free too. It's only a couple of the biggest and shittiest banks (like Commbank) that have fees for regular use.

[–] mattd@programming.dev 6 points 7 months ago (1 children)

Bank of America tried a $5 debit card fee back in 2011 and lost me as a customer. It was so unpopular, they ended up rolling it back.

[–] Nath@aussie.zone 2 points 7 months ago

Precisely the outcome we want to see here. An exodus of customers leading them not only to roll this back but to put the other banks on notice that they really don't want to follow CBA's lead on this one.

[–] Nath@aussie.zone 5 points 7 months ago

Update: Commonwealth Bank pauses plans to charge customers $3 fee to withdraw cash