- Bank sent an email announcement to customers on Monday
Australia biggest bank is now charging its customers a fee if they want to withdraw their own money at a branch.
Commonwealth Bank said in an email sent to customers on Monday that it would be closing its ‘Complete Access Account’ and migrating customers to its ‘Smart Access Account’.
The new account from January 6 will includes a $3 fee tacked onto every withdrawal at a branch, a post office or by phone.
The bank in recent years has insisted its branch network is not transitioning to ‘cashless’ after opening a number of ‘Specialist Centres’, which do not have tellers that handle physical cash.
These Specialist Centres focus on business and home loan products, credit facilities and merchant services, while customers who are looking to deposit or withdraw cash are either directed to digital banking or ATMs.
In August this year, Commonwealth Bank said it was costing about $350million a year for it to keep physical cash in its network and it was a ‘challenging commercial model’.
More to follow.
Commonwealth Bank has told customers they will need to pay a fee to withdraw cash at a branch
An email sent to customers on Monday detailing the new fee on the Smart Access Account, the Complete Access Account type will be closed
