Australia’s biggest bank is under fire for account changes that cost customers $3 to withdraw their own money.
The Commonwealth Bank’s decision has been called the “worst Christmas present imaginable” by Deputy Treasurer Stephen Jones.
Starting January 6, customers with Complete Access accounts will automatically be moved to Smart Access accounts.
The Smart Access account includes an “assisted withdrawal fee” that costs customers $3 each time they withdraw money at a bank branch, post office or over the phone.
“It’s a kick in the guts to ordinary Australians and the worst Christmas present imaginable,” Jones told reporters in Sydney on Tuesday.
The bank said withdrawal fees would be waived if the customer was under 18, on an age, service or disability pension or had a disability requiring them to use a branch.
CBA said it would continue to offer its customers free cash withdrawals from its nationwide ATM network.
“Our Smart Access account has a $3 assisted withdrawal fee. This is our primary transaction account and the assisted withdrawal fees on this account have not changed,” it said in a statement .
“We continue to offer exemptions on assisted withdrawal fees to customers who meet certain criteria, including certain types of pension beneficiaries and under-18s.”
Backlash to the change has hit social media and opinion radio, with Jones, who is also financial services minister, calling on the Commonwealth Bank “to rethink this terrible decision”.
“This seems to me to be a tax on Australians demanding the right to use their money and the government will not accept it,” he said.
“If they want to go to their bank branch, Australians should have access to banking services wherever they live.”
