Commonwealth Bank retracts controversial account fee plan

The Commonwealth Bank has backed down from a controversial plan to move some customers to an account charging a $3 fee to withdraw cash at its branches.
The development comes after Treasurer Jim Chalmers intervened, expressing concern for the proposal.
The bank announced a pause on the decision and will spend time consulting people who will be affected.

[@RileyBanksWho]

They must forget how easy it is to switch banks, even when managing multiple businesses. I had an issue with a Dutch bank a few years ago. After countless calls and emails, no one was willing to help. Frustrated, I transferred all the money to our new bank and immediately requested to close the account. Suddenly, they started spam-calling, eager to offer assistance. Remember, you hold the power, not them. Never forget that.

[@darksaber7678]

They only backed down because they got exposed and caught Angry customers should continue to pull their money out and switch banks to give the CBA’s money grubbing CEO and executives a harsh lesson.

[@Serendipityme-y8u]

Time to cancel any bank that tries this. Withdraw your money, loans etc, teach them a lesson. They want to end cash, this is a precursor to digital currency. We reject it!

[@Scourgeofthelittlehats]

You see it too. Talk starts again about the " cashless society " and they start pulling crap like this out. Orwellian motives to the core and monopolies. Must be brought to heel...like the dogs they are.

[@ianlister245]

...amazing when publicly shamed...

[@richarda2248]

I don’t hear shareholders complaining…

[@speedymccreedy8785]

Banking regulators should be able to stop these nuisance fees before they even get in motion.

[@zhaowei3025]

CBA royal commission headed your way . Again . Can't wait 😅

[@ENZOFARIAS]

Not any more customers of this bank, disgrace, full of criminals.

[@Conky769]

Get out now

[@harleymorrison-q4w]

I've been with CBA for 20 years until this announcement. Profits over people = no customers.

[@awenwang4361]

How out of touch the bank has become

[@birgittabirgersdatter8082]

They are not out of touch. They know what they are doing. They wanted to increase the fees in order to punish people who use cash. They want cash eliminated.

[@matthewflinders1978]

Boycott/change banks. Time for consumers to give these companies some negative financial feedback.🇦🇺

[@jonathoncalabrese2035]

Political stunt for chalmers? 😅😅

[@bettymarshall2702]

Could be.

[@Boomken76]

im from the US so I calm being dumb on this topic but here if a bank plans to charge for withdraws from there own locations WILL FAIL, here bank go as far as to NOT charge for using other atm's, this dose not stop the atm its self from having a service fee if its privately owned, which is fair given these are private owned & to even access the banking net has fees and such. But we have banks like convenience stores here.

[@ETERNITY777]

😈😈😈 PURE EVIL DOES EXIST 🤑🤑😈😈😈😈😈😈😈😈

[@samsimons5609]

0 seconds ago Pure greed as usual, ppl suffer while banisters rake in the fish.

[@elizabethwardell33]

So they should !! 😮

[@Serendipityme-y8u]

Con bank...

[@matthewflinders1978]

This bank is already estimating your carbon use for the future carbon penalties. Not too good.

[@davidjustsimplefun8484]

Congratulations everyone! When we all join together not even big business can stand against People Power! We know we can do it now :)

[@bettymarshall2702]

MATT COMYN THE CEO OF CBA RECEIVED $10.4M in 2023.

[@RileyBanksWho]

😂😂😂 what an amateur bank.

[@helenowen5408]

Horse shit Chalmers did anything. The bank had decided not to go ahead due to the huge back lash before Chalmers even got out of bed yesterday 🤣🤣🤣👍🇭🇲