Commonwealth Bank is to scrap its $3 cash withdrawal fee after major setbacks
Commonwealth Bank plans to scrap $3 cash withdrawal fees – after backlash from Australians who have vowed to close their accounts.
Labeled as greedy and out of reach, Commonwealth Bank will switch all customers with a ‘Complete Access’ account to a ‘Smart Access’ account, including an ‘assisted withdrawal fee’.
The $3 fee affects customers when they withdraw cash at bank branches, post offices or over the phone, but does not apply to ATM withdrawals.
Daily Mail Australia understands the bank has held crisis discussions following customer backlash, and will revisit the fee later today.
It comes just hours after Anthony Albanese’s government called on the bank to drop the charges.
“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 ask them to reconsider.”
The government recently announced a proposal for businesses such as supermarkets, pharmacies and petrol stations that sell essential items to accept cash payments.
About 94 percent of businesses accept cash, but this is down from 99 percent before the COVID-19 pandemic.
