Commonwealth Bank to charge customers $3 'withdrawal fee' to access their own cash
Commonwealth Bank to charge customers $3 'withdrawal fee' to access their own cash
The Commonwealth Bank has unveiled major changes to one of its main everyday account offerings, which will see customers charged $3 to withdraw their own money.
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.
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Damn. You beat me to it by literally 13 seconds
I added a note to the end of my post that this applies specifically to "assisted withdrawals", ie those done through an actual bank teller and not an ATM. Also post offices, but not cashout through a supermarket
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.
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.
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.
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.
