Government slams Commonwealth Bank’s decision to charge withdrawal fees

The federal government has urged the Commonwealth Bank to rethink its decision to charge customers a $3 cash withdrawal fee.

On Tuesday, the bank announced hundreds of thousands of customers who held Complete Access accounts would be transferred to a Smart Access account, which now carries the “assisted withdrawal fee”.

Stay up-to-date on the latest news with The National Briefing – keeping you in the loop with news as it hits:

Customers taking money out at bank branches, post office, or by phone will be charged $3 per withdrawal.

The fees, which come into effect on January 6, will be waived for customers under 18 or on a pension.

Speaking on Sunrise on Wednesday morning, Housing and Homelessness Minister Clare O’Neil said the changes were unfair to customers.

“I just think the government feels this is really unfair to customers, to Australians, especially just before Christmas,” she said.

“Everyone’s had a bit of a tough year on the cost-of-living front and last thing they need is a kick in the guts from the Commonwealth Bank right before Christmas.

“This is not something the bank should be doing and we’re asking them to reconsider.”

Finance Minister Katy Gallagher repeated the calls, saying the charging was “really hard”, and she hoped the bank would “think about the announcement that they made”.

Subscribe to The Briefing, Australia’s fastest-growing news podcast on Listnr today. The Briefing serves up the latest news headlines and a deep dive into a topic affecting you. All in under 20 minutes.