Labor minister Clare O’Neil slams CBA over $3 withdrawal charge when it moves customers to new accounts: ‘It’s Christmas’
Albanese Housing Minister Clare O’Neil has lashed out at the Commonwealth Bank for account changes that will now slug customers $3 to withdraw their cash.
The fee will then apply to customers moved to the new transaction accounts who will be slapped with the charge when they make a withdrawal that requires someone else to help them, whether at a branch, a post office or by phone.
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By continuing you agree to our Terms and Privacy Policy.“This is our main transaction account and the assisted withdrawal fees on that account have not changed,” CommBank said in a statement.
“The government feels like it is really unfair on Australians, especially just before Christmas. Everyone has had a tough year on the cost-of-living front, the last thing they need is a kick in the guts from the Commonwealth Bank,” she said.
“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.
“This is not something the bank should be doing and we’re asking them to reconsider.”
Shadow Finance Minister Jane Hume was also outraged and said she was concerned about “vulnerable” customers.
“I don’t know what kind of greedy, out-of-touch executive decided on this idea. It’s ridiculous and customers will speak with their feet. There is no doubt about it, including myself, actually,” Hume said.
“I have a Commonwealth Bank account that I’ve had since I was at university. I will be shutting it because of this decision. I don’t know whether it’s a Complete Access account or not. It’s a bad decision and I will be shutting my account. Merry Christmas!”
The pair join a growing chorus of condemnation, with Federal Assistant Treasurer Stephen Jones lashing the move on Tuesday.
“This is a kick in the guts for ordinary Australians and the worst Christmas present imaginable,” Jones said.
The bank said the withdrawal fee would be waived if the customer was under 18, had an age, service or disability pension or a disability that required them to use a branch.
The Smart Access account also comes with a monthly account fee of up to $4.
“The monthly account fee for the Smart Access account is currently $2 less than the Complete Access account and both accounts offer similar features,” CommBank said.
But customers who deposit at least $2000 a month into the account, and customers under the age of 30, will be exempt from paying the monthly fee.
Account numbers and card numbers will stay the same, and the transition will happen automatically.
“There’s no need for you to do anything, as your Complete Access accounts will automatically change to Smart Access accounts. We’ll notify you before switching your account,” CommBank said.
Originally published on Sunrise
