Australia's Biggest Bank Just Introduced Cash Withdrawal Fees

[@murielwhite9472]

A few months ago I was at a big city hospital in Perth and I went to Subway to buy my lunch. The staff said, sorry can't serve you at the moment because the system was down and so all these people were turned away unhappy. I said to the staff member, "No problems I have cash" and she looked surprised but I got my lunch whereas the others did not. Cash is still king and there are many reasons to keep it despite what people say.

[@cherylblechynden2048]

Now the CBA want to charge you to use cash

[@linmal2242]

@@cherylblechynden2048 Boycott them!

[@allyousawis]

My friend went to subway recently and used cash, they didn't have any change so he got it for free .. 😂

[@antoniettac3638]

Young generation hve no clue, they just tap, tap, but wen their card doesnt work, they hve a meltdown, its al about controlling the public

[@Noddy2750]

​@@antoniettac3638 Absolutely

[@maryanntime9755]

What the heck is wrong is the government allowing this to happen, the less cash the more the government can control money, what if the internet crash, you cannot used your card or phone.

[@pouwakaruwhiu8349]

Nailed it 👍

[@michaelharper8407]

Corporations love it, more profit for them

[@Spacemonkeymojo]

Welcome to Australia where people born overseas get to become politicians like Fatima Payman and that Indian doctor with 20 investment properties. These people only care about screwing locals.

[@JP-hh2qj]

Government? They are all big banks stock investment holders.. Charging more to access cash means more stock return dividends..

[@Antonio-uw6ue]

What about if they want to punish you for any reasons,cancel you card and tell now jump till we want

[@TheRoark85]

The government forces your money to go straight from your employer to the bank, then the bank charges you to get it back...

[@Richorob]

Via the ATO!

[@andrewthomas695]

​@@RichorobNo tax, no services.

[@bdiamond545]

keep crying pathetic boomer

[@Richorob]

@ In a utopian environment 😂

[@Rette-x2r]

cash sure comes in handy when there is floods and blackouts the card is useless

[@foodfiend1180]

get your money out of commbank

[@rabidsminions2079]

That will be $3.

[@chippyjohn1]

Commbank is US owned.

[@tomtom1541]

They already made Bankwest cashless. And was a hassle to get my money out.

[@kazz3956]

Can you not transfer to a different bank online?

[@iankearns774]

I cant, I owe them money. They have me by my short and curlies.

[@karenwilson5445]

I was asked a few times what I was going to spend the money on. My reply was 'that is my business, not yours.'

[@bdiamond545]

keep crying pathetic boomer

[@arclux]

Ramping up the pressure to get people to abandon the freedom of using cash.

[@TalkingPoint773]

Corporations have hijacked our Government, Visa and MasterCard are pushing for this with lobbying 100%, both private companies listed on stock exchanges serving their shareholders, and forcing us to use that! Unbelievable. Our own money is getting pushed away from our own Government. Invading on your privacy knowing where you spend every cent, so they can tax you, charge you, and fine you.

[@TalkingPoint773]

Privacy of where we spend our hard earned money is a human right! Likewise what you do in the own privacy of your home. This is outrageous! Corporations have bought our Government and authorities.

[@arclux]

@TalkingPoint773 Technically, we don't have any inalienable rights in this country.

[@tomtom1541]

​@@TalkingPoint773just so you know, private cryptocurrency like monero isn't allowed anymore. They've also been declining Bitcoin transactions, saying that you have to use PAYID instead. So we don't have any privacy.

[@bdiamond545]

keep crying pathetic boomer

[@rebeccaavoca9143]

THE BANK IS JUST WAYYYY TOO GREEDY

[@TalkingPoint773]

What do you expect, it is a private corporation, listed on the stock exchange, serving its shareholders, not customers. We are the fools being so passive.

[@bdiamond545]

keep crying pathetic boomer

[@vernlindbergs3221]

If banks want to charge withdrawal then they should pay decent interest on all accounts. They make huge profits so they don't need to charge for withdrawal.

[@TalkingPoint773]

They are private corporations serving their shareholders. They aim for maximum profit. And our corrupt Government is allowing this. Not to mention every single card in Australia is run through the Visa and MasterCard networks, again private corporations serving shareholders and profits. Where is the social responsibility toward Australians?

[@iankearns774]

Last interest I reckon I ever got was back in the 70's in my State savings acct.

[@Buddhavibez]

People were warned years ago to remove their money from these monsters

[@Dragon3514-m9u]

Government made that impossible when wages were stopped in cash

[@bdiamond545]

keep crying pathetic boomer

[@koomugtoo]

BOYCOTT THESE BANKS!!!!!!!!!!!!!!!!!!!!

[@catdog726]

This is absolutely disgusting by banks

[@majorlaff8682]

I bought a few items at a garage sale for $50. I gave him a $50 note. The seller bought some new shoes with that $50 note. The shoe shop owner used the $50 note to buy some groceries. The grocer used the same note to buy a crate of watermelons from a local farmer. The farmer bought $50 worth of fuel for his tractor. The fuel seller bought his children some second-hand school uniforms with the $50. The mother who sold the second-hand uniforms put an extra $50 worth of food on the table for her children, using the $50 note. This continued for a multitude of transactions and every time the $50 was still worth the original $50. Now, using a card, the seller only received $49.90. The next seller only received $49.80. The next only received $49.70 ... this process continued until the whole $50 card payment was swallowed up in bank fees and resulted in $00.00, zero, zilch, nothing, nowt. No wonder banks want to remove cash from society.

[@SueNicholls-95]

🎯🎯🎯🎯🎯👍👍

[@scottthiele4707]

Your story is so true and you put it together so well. I really appreciate you taking the time to describe how the $50. slowly lost its value. Well done.

[@majorlaff8682]

@@SueNicholls-95 Thank you Sue.

[@majorlaff8682]

@@scottthiele4707 Thank you Scott.

[@AustralianPrep]

Buy 50 bucks in bitcoin or Cardano then ur 50 notes turn too 100 note

[@paulinecastle1138]

And the bank charges us to use the cards anyway. It’s a cash grab

[@jordanpio2945]

This is way too much greedy!!! Adios commonwealth bank !!

[@ulrikezachmann7596]

One of the problems with just useing cards is it is not worth it to buy single items like a loaf of bread or milk. You get charged anyway every time you pay with a card. When we have power outages or IT outages then no one can buy anything. Everything just shuts down.

[@naifongkoh6953]

This is just the beginning…

[@duncsnat5884]

It will start with 3 dollars.Then it will go with a percentage of what you withdraw.

[@petesmitt]

My bank has had assisted withdrawal fees for over a decade.

[@shantishanti1949]

Disgusting absolutely disgusting by Commonwealth Bank Bendigo and the others. PEOPLE if you want to keep cash around - KEEP BANK TELLING JOBS AND ARMAGUARD JOBS - then USE CASH, get cash, and never NEVER give it up. Remember when the banking phone APP or IB you use is offline WHAT DO YOU DO ??

[@chichfm5108]

Exactly but the average person today is a mindless pre programmed drone as evident in every member of that panel.

[@TalkingPoint773]

Thats the point, total reliance on one electronic payment system. Everything tracked, everything taxed, everything fined, everything charges. Causing trouble during the next lockdown? Block your account.

[@bdiamond545]

keep crying pathetic boomer

[@NinjaKuma]

Time to bank with someone else. They just want you to use cards so they get a transaction fee.

[@Antonio-uw6ue]

When is cashless they can charge you anything they want ,fee after fee

[@judyboast4020]

They charge more for tap and go. There's people who can not use cards. My daughter is disabled and is incapable managing cards or money so I get cash out for her carers. If i give them a card it is open to financial abuse. I'm sick of these banks telling us what we should do. Its all about control. Good luck when the power goes off and machines don't work

[@mariagrant2072]

People need to be able to keep some cash for those times the internet fails.

[@Kevin-v4k]

The World economic forum in full swing

[@aylanash1607]

Guess I’m closing my account I encourage others to join

[@drcolster]

CASH DISAPPEARS/FREEDOM DISAPPEARS !!!

[@B.MichaelLewis]

I hold cash, i am a Greek Cypriot so I do not trust the bank. If you don't hold it you don't own it.

[@sallie6]

HOW RUDE...why the hell are people letting banks control their money? stop using banks!!! This will make people take ALL their money out if a fee is introduced! How do people live in bushfire zones, flood zones etc? we should have a choice! what's going to happen to the Mint? will people no longer collect coins?

[@lukek8357]

Well I'm going to move banks if they want to charge me withdrawal fees for taking my own money from the bank. I don't do it often but I want the ability to do it when I need to.

[@shesellssanctuary1601]

Don’t bank with comm bank

[@roadmonitoroz]

I still use cash and also my card. I don't need the government knowing every thing I buy. The problem with a cashless society is that if you get hacked, the bank has an error, the government freezes your account (for whatever reason) then you're stuck with no way to pay for anything (except maybe selling your watch / computer for food (barter) to someone in desperation. Ps I remember when banks used to charge you fees if you did more than # number of transactions (something like 4) / month. Shops get charged merchant fees every time you use your card anyway. The only problem with cash is that it is tempting for thieves (but so are cards with the tap and go)

[@JanetWilkins-y3z]

They cant make cash usage disappear so they come up with pay fee to withdraw cash.

[@TalkingPoint773]

Criminals, no social responsibility, they are not Australian. They are simply serving private corporations such as Visa and MasterCard, who have a monopoly on all of our bank cards.

[@petesmitt]

There is no fee to withdraw cash from an ATM.

[@marykacollins9191]

That will be the next step they make charging fee for using ATM or closing ATM machines so you have to go in the bank to withdraw money I also pay interest every month on my account being a pensioner

[@iankearns774]

@@petesmitt Not yet but just give them time. There will be.

[@bdiamond545]

keep crying pathetic boomer

[@gabriellejudd1]

Resist these greedy corporations..They are making overnight interest on all your money already when they do major investments often in dodgy Companies & Institutions.

[@alanhughes1262]

Someone in an office is looking at cash withdrawals how many per day at 3 dollars what a nice little earner for the bank to me its just greed they already make enough money.

[@RHWMNZ]

I think you are missing some important facts. The charge will; not apply to probably 99.999 percent of normal withdrawals. Don't expect the media to tell the truth. If they did, there would be no story.

[@tomfromoz8527]

@@RHWMNZ Can you elaborate? What will the charge apply to then? *Pam* Tom's wife

[@petesmitt]

@@tomfromoz8527 Assisted withdrawals, so in branch, at the post office and it's not just cash, the fee also applies to phone withdrawals; no fee for ATM or supermarket cash withdrawals or online banking.

[@TerryArm]

I don't trust the banks either. They have their monthly fees plus severely overcharge us to access our own funds. It's bloody wrong. They are literally stealing from us. Having no bank account is not an option with majority wages being paid to our bank accounts.

[@Antonio-uw6ue]

@@RHWMNZthis is the start ,don’t be blind

[@cleft_3000]

4:25 Bob raises a very bloody good point!

[@petesmitt]

I made a complaint about my bank to the Australian Financial Complaints Authority (AFCA) and caused a great deal of trouble for the bank but the bank never withdrew banking services from me, even though as a private business they could have de-banked me; key point should be always have some cash even if you always use a card for payment, just in case there is an outage that prevents card payments.

[@thestoicgreyhound]

Not only is this happening, but these days I'm seeing a lot more cashless venues come in and nothing is being done about it.

[@Antonio-uw6ue]

Stop buy anything from them ,that’s is a start

[@knockturnal1]

banksters are gangsters that wear funny hats on weekends

[@Malenasib]

AND WHAT IS THE GOVERNMENT DOING TO FIX THIS PROBLEM!!

[@Crunt321]

The Government is the problem. 😎👍

[@KingsleyThomson-j1w]

Absolutely nothing,,, Albenese and his government are ripping us off as well,,,, theives 😢

[@Jay-ro2vn]

They are part of the problem

[@bondoqbn7318]

Its all about control. Use your smart phone to be tracked and monitored when paying to live.

[@randomdude_2000]

where are you going and what are you doing that you dont want to be tracked lol? It can also be helpful if your kidnapped or get lost, they can find your location.

[@marcturner5809]

People MUST use their feet with this one. No way can the bank justify this fee. I will be changing if this occurs.

[@petesmitt]

All the banks charge fees for assisted withdrawals; Australia needs a public owned postal bank.

[@ajknaup3530]

Here's a thought: don't give them your cash to begin with.

[@Aussie-Titan]

That's not a thought. It's a brain fart.

[@aladinin]

@@Aussie-Titan No it`s not It`s a brilliant thought - stuff these tyrants...take all your money out of that particular bank.

[@MarkMiller-mj9cp]

Bit hard when everyone that works and on centre link gets their pay deposited into banks 🤦

[@Aussie-Titan]

@aladinin how do you get paid ? In the bank. Tell me how you just "not give them your money to begin with" now genius?

[@suzyvegalicious5646]

It's time for everyone to just say NO. We are the majority, they are not.

[@Alasdair-Morrison]

Unfortunately, you have to have a bank account to be paid income.

[@showyceramics]

We are already getting transaction fees on 90% EFTPOS transactions when using our OWN money, so I use cash. (For me would be ove $150 a year in transaction fees as a single person.) Now they trying to charge for cash withdrawl. NOPE. This needs to stop NOW. Where is the ACCC in this??

[@Dragon3514-m9u]

Banks should be charged for me travelling to the bank.

[@horacedown8647]

Wait till the banks are down for a week and be deafened by the screams from the cashless when they are starving

[@WKM720]

Changed to other banks. Ridiculous is our money not their money

[@brentw284]

They shouldnt be able to do this. Banks are getting away with to much what is the Government doing about this.

[@TerryArm]

They got rid of cash paid wages so they could make sure everyone is paying tax on their earnings.

[@jinwunlongstevecbdoil1724]

Government is partner with the bank

[@ibanezlaney]

Thank goodness I changed banks a few weeks ago.

[@petesmitt]

My bank has had the same fee for over a decade.

[@sensaznal]

Now all banks will follow

[@peterearle8987]

The utter arrogance of these banking and government types...it's nauseating.

[@davidstevens5358]

Greedy... They gamble away our money 💰 yet we are expecting to pay for what they profit out of us! If they don't like our money, we should demand that we should be paid in cash for what we earned. Why are government ministers demanding what we earned has to be paid into a bank account.

[@crewstationcafe1091]

Disgusting

[@ralphross6332]

So the billions in profit are not enough for the banks. Greed pure greed.remember if the system is down you have nothing. 😢😢

[@shaneclarence6696]

Remember when the comm bank was sold off by the government

[@ozzybloke4830]

It was sold/floated on the share market with profits between 7 and 8 billion from the sale in the early 90's, It's market cap or net worth today is about 265 billion.

[@avghosh]

tap and go will also cost money

[@thetriggerhappypwner]

It's a money grab!!!!!

[@rickmalaschenko3046]

How can the commonwealth bank charge a $3 fee when withdrawing cash from a post office , which is own by the government. ?

[@moviesynopsis001]

Just don't use that bank? I would recommend any kind hearted Australians who care about old people who this will clearly negative impact, to take your money out of this bank and find one with the lowest withdraw fees available.

[@petesmitt]

All pensioners are exempt from the fee; try and keep up with the facts.

[@moviesynopsis001]

@@petesmitt You do realise a pensioner is age 66+ right? I was talking about those who are aged 62 to 66 who don't fit in the pensioner bracket. These people grew up without technology and have been using cash their entire lives. Maybe you should learn some basic facts before replying.

[@petesmitt]

@@moviesynopsis001 I'm mid 60's; are you calling me old? I stopped using cash a decade ago, as I got tired of handling change and anyway, my father in his 90's is just as capable as me with using a computer and smartphone.

[@moviesynopsis001]

@@petesmitt By definition you are considered a senior citizen if you are mid 60's... So you and your father speak for all 60+ year olds because you and him can use a smartphone.

[@jamies4861]

And now they are going to charge us to take our cash out. It's time to change banks for sure, watch that share price drop to a 10 year low We are moving banks

[@ETERNITY777]

😈😈 PURE EVIL DOES EXIST AT COMMONWEALTH BANK 😈😈😈😈😈😈😈

[@TalkingPoint773]

Internet access should be free or payed for by the Government and banks. Because if we didnt pay for that, all of these phones and apps would be useless.

[@petesmitt]

Yeah; and all transport should be free; free cars and free petrol.

[@TalkingPoint773]

@@petesmitt Public transport, not Private transport, people dont seem to understand the difference these days and that is causing all the problems. The GOvernment has a responsibility to provide to its people free public transport, a payment system such as cash where you dont get charged fees, and, a right to a personal private space where they dont invade on your personal doings at home.

[@arthurwatts1680]

They want to close as many branches as possible - business banking is where the money is, not plebs on a fortnightly income. I use BankSA and Westpac ATMs - so far it's working fine.

[@brightquark]

Cashless and tapn go isnt free, every transaction attracts a percentage based surcharge, usually paid by the vendor, passed onto the consumer in the form of higher prices. Since there's very littly opportunity in escaping these fees it certainly feels that participation in the "free market" is more and more like a battery farm for consumers.

[@petesmitt]

The cost is applied to all purchases whether you pay by card or cash.

[@Noddy2750]

​@@petesmitt No that's not right

[@petesmitt]

@@Noddy2750 I never pay a surcharge when using a card and pay the same price when using cash everywhere I've shopped, so it is right..

[@ermagerd101]

It's easier to do a financial reset when you are just dealing with numbers on a screen.

[@davidstevens5358]

Anyone recollect Nigel Farage, UK bank Coutts no longer wants him to bank his money with them? As it turns out there were many others being discriminated like he did because of his political views.

[@macmacgregor7232]

change bank use cash

[@norleenslack5218]

how ridiculous is this, taking my choice to choose how I want to withdraw my own money. Look I am no spring chicken or a old turkey either, and with all the tech problems we have lately I have decided to look at withdrawing a portion of my money by cash. Commenwealth recently had a Saturday outage and I had groceries and a lunch date to go to. thank goodness I was able to use Cash that I had withdrawn the week before. I might have to look at other banks or society who will not charge me to withdraw my own money.

[@raelh4967]

I’ve been scammed, no more banks for me

[@mulugetamekonnen8086]

First of all stop those who asking “cash only “ shops ! Australia is slightly more and more uncomfortable than ever.

[@Antonio-uw6ue]

Card only ,that’s what you mean?

[@mulugetamekonnen8086]

@ , have you ever seen a “ cash only” groceries? Go to most of Asian’s shops around Clyton, Springvale , Foot Scray etc in Melbourne. My friend has told me that they don’t want to pay more taxes for the government.

[@nickcarter997]

Keep your cash in a safe place! And it ain't a bank account!

[@drcolster]

MOVE BANKS COMMONWEALTH CUSTOMERS..

[@adiintel1]

Australia marching into a cbdc only matter of time.

[@G_R9143]

We must 5:36 CASH. Only one withdrawal fee. OR start looking For another BANK. But i guarantee you every other BANK will follow.

[@coolhotdogman]

Lets do a run on the banks the day before Christmas whos in i have 80k in my account and i will be withdrawing every cent come the day before Christmas lets teach the banks a lesson its our money

[@tomtom1541]

Already withdrew all of mine from Bankwest as they have gone cashless

[@judyb1643]

You’ll need to give them a few days warning so they can organise to get your money, if you want cash that is. I don’t think they carry that much in the bank on any given day.

[@Her.Serene.Feline.Cuteness.]

Me too..

[@tomtom1541]

@@judyb1643 Bankwest had to organise armaguard deliveries if you want cash.

[@desireecrossing]

I still use cash and not sure if I will still be using commbank after this is implemented! Gross.

[@casey6933]

Don't like it, change bank - easy

[@petesmitt]

There is no fee to get cash from an ATM or from various shops like supermarkets.

[@TerryArm]

No fee ATM only applies to those who meet the minimum monthly deposits amount.

[@petesmitt]

@@TerryArm Rubbish; I can use my debit card with other bank ATM's that I don't have accounts with.

[@eddiepiecart6030]

Just pay one $3 fee and take ALL your money out and then the bankk can't use it.

[@petesmitt]

Hey bright spark; most people get regular deposits into their bank account.

[@das2419]

Cash is king

[@ace-tv4hi]

Look i wouldn't mind if they serve me a complementary coffee for that $3

[@conghuynh3843]

Cba greedy make profit a lots of millions last years now cba trying to charge fee cash out rediciolous

[@navrajgator6933]

Especially when CBA is making money of your savings through investments

[@adriannalyon9514]

Lol, yet people want to bank with CBA.

[@DARKARTSPHOTOGRAPHY]

Another way to push digital currency. Nothing more nothing less .

[@Lucien234-i2z]

"Getting cash from the ATMs is still free" What accessing my own money that use to give out loans and make interest off?! 😂😂Oh, please what a joke!

[@rcbashingfun6852]

Time to switch banks

[@livefree7005]

Use cash

[@edhartmann1168]

Just find another bank. I’m sure they’ll be happy to accept your money.

[@Robert-cu9bm]

Why do people still bank with them, they don't like you

[@jaydb-oqw]

Change bank. Simple

[@JeffBurn-b1i]

Well this isn't just like it's just happening now, for 3 years I've had to drive 15 minutes from my house to use ATM machines at a major shopping complex that doesn't change fees, because all the Bankwest ATMs were replaced with ATMX ones and the others taken out and not replaced by another private company.

[@Alasdair-Morrison]

What ever will the local suburban drug dealers do when cash goes down 😉🤨

[@sarahchan-reeves8829]

I bet if we 'charge' them a fee to invest our own money to make them more in these years of 'record breaking' revenue, they'd turn around and laugh at us. But it's alright for them to say this to us

[@markrandall7631]

So why do they charge interest rates? Can I invoice them for stuff ups?

[@davidarchibald50]

Can I get a capital risk fee? Banks loan your money as soon as they get it, and do this so often that there is not enough in the bank to pay out all their deposits by several orders of magnitude. Everyone who puts money in a bank risks losing the lot, but the returns over the years for this risk have become zero. Kinda like a monopoly eh.

[@paradiselost9946]

with the current dependency on the so called "digital revolution", its only going to take ONE well planned virus to wipe out all that so called "money"... banks dont deal with cash, beyond a small pittance held in a branch. they rely on data... and half of that data is "nothing"... "zero"... "off"... meh, beyond certain things, i pretty well much live on "barter" or "trade"...

[@petesmitt]

The federal government guarantees all deposits up to $250000; try sticking to facts..

[@trudyarcher7490]

Leave comm bank

[@friendship9904]

So if u used ur money u get taxed from using ur own money and they sacked workers close banks ATMs and when u used ur card to pay for things u get charged 1 to 3% everytime u used ur card and the banks makes billions dollars profit a yr

[@wolfplace1]

Time to look elsewhere which bank not!

[@joeyk5]

Tap and go with most places doing a surcharge…nope I will use cash

[@fayeross6415]

No we should not go digital these banks have closed branches and teller machines everywhere they are increasing their profits massively and punters are not benefiting instead they are introducing more and more charges to access our own money It’s time to wake up and reject cotrol

[@petesmitt]

Really? so what happens when you reject control? live in a van down by the river?

[@fayeross6415]

@@petesmitt No I’ve used cash all my life and I am very comfortable and self reliant. Reliance on plastic is leading to massive credit problems because it’s just the swipe of a card. If I don’t have money to pay then I don’t buy and I don’t over extend. Banks are already determining how much you can withdraw at one time and how much you can deposit it won’t be long till they tell you what you can spend your money on and how much you can spend per month before they cut off your access to your own money.

[@MYCrayman7]

Cash is an essential part of all economies. Make it LAW as part of the economy.