Financial Services Minister Stephen Jones has told the Commonwealth Bank to rethink a move that means a group of customers will face a $3 fee for withdrawing cash from branches, slamming it as a “terrible decision” from the country’s biggest bank.
From January, Commonwealth Bank will close a type of account and move customers in the product to its main transaction account called ‘Smart Access’, which charges people a $3 fee for an “assisted withdrawal,” such as those occurring through a branch or via telephone banking.
Financial Services Minister Stephen JonesCredit: Dominic Lorrimer
The move to shift customers to CBA’s main transaction account, which was first highlighted by news.com.au on Tuesday, does not affect withdrawals from ATMs, which are not charged.
As the government pushes ahead with policies to ensure that cash remains part of the Australian payment system, Jones slammed CBA’s move on Tuesday afternoon, declaring it a “kick in the guts” to customers.
“Commonwealth Bank has to rethink this terrible decision. It seems to me to be a tax on Australians who demand the right to use their cash, and the government won’t stand for it,” Jones said.
“We’re working for Australians to ensure they can continue to use cash if they so choose. But if they don’t use cash and they want to use a debit card for their everyday transactions, they shouldn’t be slogged with a surcharge for doing it.”
Jones said Australians should have access to banking services wherever they live, including going into the bank branch.
“So, we say to the Commonwealth Bank, this is the worst Christmas present ever. It’s a kick in the guts to your customers.”
A CBA spokeswoman said cash withdrawals from the bank’s ATMs were free, and the $3 fee had not changed.
