December 4th 2024.
The Commonwealth Bank has announced that it will be making changes to its fee structure after receiving backlash for its decision to implement a $3 withdrawal fee. This news has sparked strong criticism, with the government urging the bank to reconsider their decision.
In a statement released today, Angus Sullivan, the Group Executive for Retail Banking Services, acknowledged that the bank could have done a better job of communicating the changes to its customers. He also expressed concern for the impact this fee could have on customers, especially during a time when many are facing financial pressures.
Sullivan went on to explain that while the fee may affect around 10% of their customers, the majority of these customers will actually be in a better or equal position with the new fee structure. For those who are not satisfied with the changes, the bank is offering alternative solutions and pausing the migration process.
Over the next six months, the bank will be reaching out to customers to discuss the best account options for their needs. In the meantime, they will continue to migrate customers to a lower monthly fee account, but are open to finding alternative solutions for those who are not satisfied.
Treasurer Jim Chalmers also weighed in on the issue, stating that he met with the bank's CEO this morning to express the government's concerns. He welcomed the bank's decision to review the changes and ensure that vulnerable customers are not negatively impacted.
Chalmers emphasized the importance of considering the most vulnerable individuals in the banking system and commended the bank for their change of heart. He also encouraged people to download the 9News app to stay informed about this and other breaking news.
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