Aussies angered as Commonwealth bank revises transaction fees to $3

Commonwealth Bank, Australia’s largest lender, has recently revised its transaction fees, introducing a $3 charge for every cash withdrawal. The move has sparked outrage among customers, with hundreds expressing their frustration on social media.
“If this does happen, I will be closing all of my accounts. So will my husband and daughter,” one person said.
“Being charged to get your own money is just plain wrong. Talk about reverse bank robbery. Come on Commonwealth Bank, do better,” wrote another.
The transaction fee will be applicable starting January 6, 2025 for every withdrawal made through any branch, post office, or over the phone. However, these changes will not apply to customers under 18 years of age or those who rely on over-the-counter services due to a disability, according to News.com.au.
Additionally, the bank will also transition customers to its Smart Access account while closing the Complete Access account.
“We’re getting in touch to let you know that after reviewing our transaction accounts that are no longer on sale, we have decided to close our Complete Access account. On or after 6 January 2025, your account will change to a Smart Access account,” the bank said in an e-mail sent to its customers.
The bank also said that it will continue to offer customers free cash withdrawals from its national ATM network.
While Commonwealth Bank insists it has no plans to go cashless, it has opened "Specialist Centres" that focus on business and home loan products, credit facilities, and merchant services. These centres do not have tellers handling physical cash.
The move follows the company’s announcement that it plans to spend $410 million on cash services for the year ending June 2024, with approximately $350 million allocated for cash holdings.
Meanwhile, some customers have reported being forced to travel for hours just to find an ATM. Although Commonwealth Bank is Australia’s largest bank, it is not the only one limiting access to cash. Concerns about the decline of physical currency have grown as nearly 450 branches and ATMs shut down across the country in the last financial year alone.