Bendigo Bank has introduced a $2.50 withdrawal fee for over-the-counter transactions, drawing criticism for mirroring a similar move by Commonwealth Bank that was previously reversed.
A major bank's introduction of a $2.50 branch withdrawal fee , claiming it would help the institution to meet the “evolving needs” of customers, has been slammed as'pathetic' months after the Commonwealth Bank reversed its decision to implement the same measure.Bendig Bank has confirmed customers will now pay a $2.
50 withdrawal fee when taking out cash at a branch, a move which has been slammed as'pathetic', despite the financial institution dropping a monthly service fee more than double the cost. In a statement, Australia’s sixth largest bank said it had introduced the measure on November 1 to meet the “evolving needs” of customers and to deliver “our vision to be Australia’s bank of choice”. The bank justified the move by announcing it had scrapped the $6 Bendigo Everyday Accounts to implement the “staff assisted service fee” for over the counter withdrawals.“For transactions conducted at the Post Office, Bank@Post fees were also reduced from $4 to $2.50,” the statement read. “Cash withdrawals from Bendigo Bank’s ATM network continue to be free of charge for all of our customers. “Importantly, these changes will result in a net reduction in fees paid by our customers. In recognising that some customers may incur an increase in fees, our team members are standing by to help with alternative options and we encourage those customers to speak with us.” Radio host Mark Levy read out Bendigo Bank’s statement on the newly implemented charge for 2GB listeners before asking: “How is that fair?” “We all kicked up a stink about Commonwealth Bank last year, the fact that they were charging you $2.50 to access your money, well there you go, Bendigo Bank is doing the same thing,” he said. “It's all well and good for them to spin it and say, ‘oh, well we've reduced our monthly service fee, there's going to be a net decrease in what our customers are paying,’ but you're still charging people $2.50 per transaction to walk into a Bendigo Bank and get your own money ou
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