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It comes a day after Australia’s biggest bank announced that from January 6 customers will be charged for cash withdrawals over the counter in a branch, post office or over the phone.
The fee will not apply to customers under the age of 18 or to ATM withdrawals.
Commonwealth is forcing existing customers to switch from their Full Access accounts to new Smart Access accounts.
Chancellor of the Exchequer Katie Gallagher today called on the bank to reverse the decision.
“That type of charge and looking at $3 per transaction I think is really difficult and especially for those customers who have those types of accounts and want to go to the branches,” she told ABC News Breakfast.
“So we’re looking closely at that … I would really think some goodwill here right before Christmas is for the CBA to think about the announcement they made yesterday.”
Commonwealth Bank retail banking group chief executive Angus Sullivan defended the decision yesterday, saying it would only affect 10 per cent of their customers.
”The last thing we want to do is upset our customers,” he told Nine’s A current affair.
“We’re doing everything we can to support them with free options, support, exceptions to make this change as manageable as possible.”
“But the reality is that there is a cost associated with offering this service.”
The Commonwealth Bank is not the only institution to charge customers a withdrawal fee.
ANZ, NAB and Bendigo Bank charge some of their customers fees ranging from 80 cents to $3.
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