Commonwealth Bank quickly ‘pauses’ cash withdrawal fee after public backlash

ABC NEWS (Australia)

After significant backlash, the Commonwealth Bank has decided to 'pause' changes it announced only yesterday that would see some customers hit with a cash withdrawal fee. The bank admits it communicated the decision poorly, and has now given itself six months to explain itself to affected customers before it imposes any changes

Transcript

00:00A loud reaction to a quiet decision.

00:05Don't they make enough money now, what do they have to rob us for?

00:09Why should I have to pay $3 to make a withdrawal on my own money, it's ridiculous.

00:14It's absolutely disgusting.

00:16Yesterday the Commonwealth Bank announced some customers would start paying a $3 fee

00:21to withdraw their cash from branches and post offices, generating anger online, before politicians

00:29joined in.

00:30Now the Commonwealth Bank is in damage control.

00:33Clearly we've done a poor job of communicating aspects of this change for our customers.

00:40We're going to pause the changes that we announced and we're going to spend the next six months

00:46individually engaging with each of those customers.

00:49CBA wants to close its complete access accounts held by 1.2 million customers and transfer

00:57them to Smart Access, which includes the withdrawal fee.

01:01The bank says 90% of those affected will be better off, but it will now engage with the

01:07remaining 10%.

01:10We will be in contact with all of our customers to explain which group they fit into and give

01:17them instructions on what they need to do, including if they need to do nothing.

01:21The Commonwealth Bank posted a $9.5 billion profit last financial year.

01:27Nevertheless it says it needs to impose withdrawal fees because the service is so costly.

01:33The bank is now trying to work out if just those who use it should help pay for those

01:37costs or all of its customers.

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