Commonwealth Bank unveils account changes that will charge customers $3 ‘withdrawal fee’

The incredible allowed gouging of Australian customers continues from banks with unheard up internationally fees being added to accounts. This is a slap in the face of every Australian CBA customer.

The Commonwealth Bank has unveiled major changes to one of its main everyday account offerings that will see customers charged $3 to withdraw their own money.

The changes will see Commonwealth Bank customers who have a “Complete Access” account moved to “Smart Access” accounts, starting from January 6, 2025.

In a statement, the bank said the changes were “part of our commitment to provide the best available banking experiences”.

“We’ve reviewed our everyday accounts offering and will be replacing Complete Access with our newer transaction account, Smart Access,” it said.

The bank — which is Australia’s largest — says its “Smart Access” account is its most popular everyday account.

The account boasts a $4 monthly fee that is waived if certain criteria are met, including a deposit of at least $2,000 per month.

However, the account also includes an “assisted withdrawal fee”, where customers taking money out at bank branches, post offices or by phone are charged $3 per withdrawal.

The withdrawal fee is only waived for customers who are under 18 or have an aged, disability or war veterans’ pension.

Customers who currently have a “Complete Access” account are not charged a withdrawal fee, and pay a monthly $6 account fee that the bank waives if criteria are met.

In outlining the changes on its website, the bank says there are three ways customers can avoid paying the $3 fee when withdrawing money:

• Getting cash out from a CommBank ATM using a CommBank debit card;
• Make transactions without a card or PIN through QR Cardless (a replacement for its Cardless Cash service); or
• Paying bills and transferring money through the CommBank app or NetBank.

The Commonwealth Bank says affected customers will be notified in advance before their accounts are switched.

The ABC has contacted Commonwealth Bank for further comment, including how many customers are affected by the change.

In the 2023-24 financial year, the Commonwealth Bank recorded a profit of $9.5 billion.

Last year, Commonwealth Bank CEO Matt Comyn told a Senate inquirythat making cash available costs the bank “approximately $400 million each year, which works out to be roughly $40 for every one of our 10 million customers”.