Commonwealth Bank is set to axe a $3 in-person cash withdrawal fee after backlash from Australians who have vowed to close their accounts in protest.
Australia’s largest bank was blasted as ‘out of touch’ and ‘greedy’ over the decision to shift all customers with a legacy ‘Complete Access’ account to a ‘Smart Access’ account, which includes an ‘assisted withdrawal fee’ from some customers.
The fee from January 6 applies to customers when they take cash out from tellers in bank branches, post offices or over the phone. It does not include withdrawals from ATMs and waivers apply to pensioners, those under 18 and those who deposit $2,000 a month.
Daily Mail Australia understands the bank has held crisis talks following customer backlash and is set to backtrack on the fee later today.
It comes hours after Anthony Albanese’s government called on the bank to drop the fee.
‘It doesn’t seem fair or appropriate and this is a huge bank making huge profits. Come on, guys. It’s Christmas. We don’t need this right now,’ housing minister Clare O’Neil said on Seven’s Sunrise.
‘This is not something the bank should be doing and we’re asking them to reconsider.’
The government recently announced proposed mandate for businesses like supermarkets, pharmacies and petrol stations that sell essential items to accept cash payments.
About 94 per cent of businesses accept cash, but this is down from 99 per cent before the Covid pandemic.
It is understood CommBank group executive retail banking services Angus Sullivan (pictured) is reviewing whether to backtrack on the $3 assisted withdrawal fee
Customers were told their Complete Access Accounts would be migrated to Smart Access Accounts which come with the new fee from January 6
