I hope this inspires a massive migration off CBA and a rollback of the policy. Because if it doesn’t, the other banks will be sure to follow.
More people need to use credit unions.
Also “Great Southern Bank” are dickheads for renaming from Credit Union Australia (CUA).
Yeah GSB sounds like something that will be recalled for causing bloated testicle or something. Being back CUA
Damn. You beat me to it by literally 13 seconds
I added a note to the end of my post that this applies specifically to “assisted withdrawals”, ie those done through an actual bank teller and not an ATM. Also post offices, but not cashout through a supermarket
Even if it is only under certain circumstances, charging customers to access money is appalling behaviour. Once upon a time, banks paid us to keep our money in their establishment. Now that our society has evolved to the point where we literally can’t function without a bank account somewhere, the banks treat us like they don’t need us.
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.
I’d rather not defend banks, but it appears the fee only applies when staff are involved. Withdrawing at an ATM or EFTPOS at checkout seem to remain free.
They should be legally required to provide free assisted withdrawals for seniors, the disabled, and post office withdrawals when an ATM is not within a few km’s, but I don’t think it’d be an issue for everyone else.
Personally I don’t care about this, however I think most bank fees should be illegal, period; especially insufficient balance and all generic monthly fees. Nowadays most of these things are fully-automated, and I’d bet the cost of maintaining an inactive or low activity account are near-zero; the fees are just a tax on the poor, financially illiterate, and busy.
Corporate banks can go suck an egg. There are multiple good member owned banks whose directors are accountable to you and not shareholders.
Bank of America tried a $5 debit card fee back in 2011 and lost me as a customer. It was so unpopular, they ended up rolling it back.
Precisely the outcome we want to see here. An exodus of customers leading them not only to roll this back but to put the other banks on notice that they really don’t want to follow CBA’s lead on this one.
