The government is asking Commonwealth Bank to rethink its decision to charge a $3 fee for withdrawals.

The federal government has announced that it is closely monitoring the recent decision made by Commonwealth Bank to charge a $3 fee for over-the-counter cash withdrawals. This comes after Australia's largest bank revealed that starting January 6, customers will be charged for withdrawing cash at a branch, post office, or over the phone. However, this fee will not affect customers under the age of 18 or those who use ATMs.

One of the major changes being implemented by Commonwealth Bank is the requirement for existing customers to switch from their complete access accounts to new smart access accounts. This has caused concern among customers, and Finance Minister Katy Gallagher has called on the bank to reconsider their decision. She expressed her opinion on the matter during an interview with ABC News Breakfast, stating that the $3 per transaction fee is particularly difficult for customers who rely on visiting branches for their banking needs.

In light of this, the government is closely examining the situation and hopes that Commonwealth Bank will show some good faith by reviewing their decision, especially during the holiday season. But it's worth noting that Commonwealth Bank is not the only institution that charges withdrawal fees. Other banks such as ANZ, NAB, and Bendigo Bank also have similar fees ranging from 80 cents to $3 for certain transactions.

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