says it will “change its approach” after a backlash to its move to implement a $3 cash withdrawal fee. Yesterday CBA announced that from January 6 customers will be charged a fee when they withdraw cash at a branch, post office or telephone counter. The move has been strongly criticized, with the federal government urging the bank to reconsider.
Commonwealth Bank says it will “change its approach” after a backlash to its move to implement a $3 withdrawal fee. (CBA) CBA group executive for retail banking services Angus Sullivan said in a statement today that the bank would review its approach to the changes. Sullivan admitted the bank had “done a poor job” communicating the change to customers. “We are particularly conscious that any changes to program fees and charges will have an impact at this time of year, particularly given the cost of living pressures facing our customers,” Sullivan said. “For our full access customers, which is about 10 per cent of our 10 million customers, the changes we announced yesterday will leave them better off or the same than they are today. “The change that is being made is that approximately 90 per cent of the customers we intend to transfer, and who we expect will be better off or the same, will be moved to a lower monthly fee account. “If these customers do not want to transfer, they can contact us to discuss their options. For the remaining customers, we are changing our approach and we are pausing migrations.” Sullivan said the bank would contact customers via Commonwealth Bank over the next six months to discuss the product that would best suit their needs. “The changes will not impact the approximately nine million Commonwealth Bank customers who are not using the Complete Access product,” he said. In a press conference, Treasurer Jim Chalmers said he met with Commonwealth Bank chief executive Matt Comyn this morning and said the changes were “unacceptable”. “We have made our view very clear that these changes are not acceptable or appropriate,” he told reporters. Chalmers said he and Comyn had “constructive” discussions to ensure vulnerable customers were not made worse off. “They will be looking at these changes again to make sure people are not made worse off,” he said. “We are talking about some of the most vulnerable people in the banking system and there are many examples out there.” “I welcome this change.”