Australia's largest bank, Commonwealth Bank, will shift its 'Complete Access' account holders to 'Smart Access' accounts from January 2025. The move includes a new $3 withdrawal fee, adding to ongoing discussions about the increasing costs and declining use of cash.
The Commonwealth Bank will shift customers who have a " Complete Access " account to a " Smart Access " account beginning in January.The changes come as the usage of cash around the country continues to decline, while the cost to distribute it increases.The Commonwealth Bank has unveiled major changes to one of its main everyday account offerings that will see some customers charged $3 to withdraw their own money.
The bank — which is Australia's largest — says its "Smart Access" account is its most popular everyday account. Customers who currently have a "Complete Access" account are not charged a withdrawal fee, and pay a monthly $6 account fee that the bank waives if criteria are met.Getting cash out from a CommBank ATM using a CommBank debit card;
Similarly, the bank did not confirm how many of the remaining 20 per cent of "Complete Access" customers were still using the withdrawal service and would therefore be charged the $3 fee.that making cash available costs the bank "approximately $400 million each year, which works out to be roughly $40 for every one of our 10 million customers".
Both Westpac and NAB have confirmed separately to the ABC that they do not charge over-the-counter fees for in-person cash withdrawals at their branches.
Commonwealth Bank Smart Access Complete Access Withdrawal Fee Cash Usage
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