Commonwealth Bank of Australia has reversed its decision to implement a $3 fee for cash withdrawals over the counter, at a post office, or over the phone, after facing customer backlash and criticism from the Treasurer. The bank will now review its approach to the changes, with a focus on ensuring vulnerable customers are not worse off.
Commonwealth Bank of Australia has decided to 'change its approach' regarding a move to implement a $3 fee for cash withdrawals over the counter, at a post office, or over the phone from January 6. The decision comes after receiving backlash from customers and the Treasurer, Jim Chalmers. CBA's retail banking services Group executive Angus Sullivan stated that the bank will review its approach to the changes, ensuring that vulnerable customers are not adversely affected.
The bank will contact customers over the next six months to discuss the most appropriate product for their needs
Commonwealth Bank Withdrawal Fees Customer Backlash Treasurer Jim Chalmers Banking System Vulnerabilities
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