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Commonwealth Bank to ‘change approach’ after backlash over new cash withdrawal fee


Commonwealth Bank says it will “change its approach” after receiving backlash over the move to introduce a $3 withdrawal fee.
1. Commonwealth Bank
The Commonwealth Bank says it will “change its approach” after receiving backlash over the move to introduce a $3 withdrawal fee. (CBA)

In a statement today, CBA’s Retail Banking Group chief executive Angus Sullivan said the bank would review its approach to the changes.

Sullivan admitted the bank “did a poor job” of communicating the change to customers.

“We are particularly aware of the impact any change to scheduled fees and charges can have at this time of year, particularly given the cost of living pressures our customers face,” Sullivan said.

“For our All Access customers – which is approximately 10 percent of our 10 million odd customers – there are approximately 90 percent of our All Access customers for whom the change we announced yesterday will put them in a better or equal position to today’s.

“The changes that are happening are such that approximately 90 percent of the customers that we intend to move and that we expect to be better off or the same will be moved to the lower monthly fee account.”

“If those customers don’t want to move, they can contact us to discuss their options. For the remaining customers, we are changing our approach and pausing the migration.”

Sullivan said the bank would be contacting customers over the next six months to discuss the most suitable product for their needs.

In the meantime, the bank will continue to migrate them to a bank account with a lower monthly account fee.

“If that doesn’t work for customers, of course they can contact us and we can arrange an alternative solution for them,” Sullivan said.

At a press conference, Treasurer Jim Chalmers said he had met the bank’s chief executive Matt Comyn this morning to point out that the changes were “unacceptable”.

“The changes were not acceptable or appropriate, we made our views very clear,” he told reporters.

Chalmers said he and Comyn had engaged in a “constructive” discussion to ensure vulnerable customers were not worse off. 

“They will look again at these changes to make sure people are not worse off,” he said.

“We are talking about many cases of some of the most vulnerable people in the banking system.

“I welcome the change of heart.”

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