Ally Langdon has unleashed on an executive from Australia’s biggest bank after it slapped a $3 fee on customers for withdrawing their own cash.
Customers of the Commonwealth Bank got a rude shock on Monday when the bank announced it was closing its ‘Complete Access Account’ and changing them to ‘Smart Access Accounts,’ which have a $3 fee tacked onto every withdrawal from a branch, a post office or phone.
Angus Sullivan, the executive of the bank’s retail banking services, tried to defend the new charge on Tuesday night under a grilling from Ms Langdon on A Current Affair.
‘It doesn’t sit well with families who are struggling as our banks make billions,’ she said.
‘What a way to say Merry Christmas and thank you for your loyalty.’
But Mr Sullivan hit back that the new fee was a ‘very modest cost’.
‘The reality is that handling cash is expensive,’ he said – this despite the bank’s almost $10billion profit this year.
He also insisted that the change was only ‘relevant to about 10 per cent of CBA’s customer base.
Angus Sullivan insisted the fee would only affect about 10 per cent of CommBank’s customers
‘What a way to say Merry Christmas and thank you for your loyalty,’ quipped Ally Langdon
‘And for our Complete Access customers, approximately 90 per cent of them will be either better off, or have a neutral outcome.’
Customers who were on government concessions were excluded from the changes, Mr Sullivan said.
There were also free options for people who wanted to avoid the fee, including ATMs and deposit ATMS.
Ms Langdon was not satisfied with the executive’s answers, and said banks could do more to help Australians in the midst of a cost of living crisis.
‘I don’t know if the majority of Australians feel the same way that their bank is supporting them,’ she said.
‘Particularly with this fee today. I know you explained it is not a big deal that it is to a lot of people. Christmas is still a few weeks away.
‘You know what would be welcomed? An interest-rate cut. That would get you off the naughty list.’
Mr Sullivan laughed off the suggestion.
‘That’s not in my purview to make happen,’ he said.
‘But I appreciate customers are doing it tough at the moment. I certainly hope that we can explain these changes in a way that makes our customers feel that we have put them in our mind.’
Aussies unleashed about the interview.
‘What a pathetic response from this spokesperson for CBA,’ one said.
‘Just be up front and honest. It about profits and high level management bonuses. You treat people like D.Heads (sic). Actually have some respect for your customers.’
Another customer said they would be closing their account following the introduction of the fee.
‘Commonwealth Bank I will be closing my 35 year account with you tomorrow and withdrawing the $365,000 IN CASH,’ they said.
‘Take your money elsewhere, money does the talking when it comes to banks,’ urged another viewer.
Meanwhile, Anthony Albanese‘s government has urged the Commonwealth Bank to reconsider the fee.
Housing Minister Clare O’Neil slammed the decision, and called on the bank to reconsider.
‘It doesn’t seem fair or appropriate and this is a huge bank making huge profits. Come on, guys. It’s Christmas. We don’t need this right now,’ O’Neil told Nat Barr’s Sunrise show.
In defence of the new fee, Angus Sullivan told Ally Langdon that handling cash was ‘expensive’
‘This is not something the bank should be doing and we’re asking them to reconsider.’
Rural Queensland MP Bob Katter has also spoken out about the fee.
He called it an ‘act of defiance and contempt for the people of Australia,’ in an interview with Channel 10’s The Project.
CommBank told Daily Mail Australia on Tuesday it ‘continues to offer customers free cash withdrawals from our national ATM network’.
‘The monthly account fee for the Smart Access account is currently $2 less than the Complete Access account and both accounts offer similar features,’ the spokesperson said.
Smart Access, the bank’s main transaction account, already had a $3 assisted withdrawal fee before Monday’s announcement.
Customers affected by the transition will have to pay the new fee from January 6.
