Comment

Comment on Commonwealth Bank to charge customers $3 'withdrawal fee' to access their own cash

Baku@aussie.zone ⁨4⁩ ⁨weeks⁩ ago

Damn. You beat me to it by 13 seconds cause I was busy de-editorialising the headline

I added a note to the end of my post that this applies specifically to “assisted withdrawals”, ie those done through an actual bank teller and not an ATM. Also post offices, but not cashout through a supermarket

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Nath@aussie.zone ⁨4⁩ ⁨weeks⁩ ago
Even if it is only under certain circumstances, charging customers to access money is appalling behaviour. Once upon a time, banks paid us to keep our money in their establishment. Now that our society has evolved to the point where we literally can’t function without a bank account somewhere, the banks treat us like they don’t need us.

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- WhatAmLemmy@lemmy.world ⁨4⁩ ⁨weeks⁩ ago
  
  However, the account also includes an “assisted withdrawal fee”, where customers taking money out at bank branches, post offices or by phone are charged $3 per withdrawal.
  
  I’d rather not defend banks, but it appears the fee only applies when staff are involved. Withdrawing at an ATM or EFTPOS at checkout seem to remain free.
  
  They should be legally required to provide free assisted withdrawals for seniors, the disabled, and post office withdrawals when an ATM is not within a few km’s, but I don’t think it’d be an issue for everyone else.
  
  Personally I don’t care about this, however I think most bank fees should be illegal, period; especially insufficient balance and all generic monthly fees. Nowadays most of these things are fully-automated, and I’d bet the cost of maintaining an inactive or low activity account are near-zero; the fees are just a tax on the poor, financially illiterate, and busy.
  
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  - MutilationWave@lemmy.world ⁨4⁩ ⁨weeks⁩ ago
    For anyone who doesn’t know, you can go into your bank account settings and disable “Overdraft Protection”. Once you do this, your transaction will be declined if there are insufficient funds instead of overdrafting your account and charging you $30 or whatever it is now.
    
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dan@upvote.au ⁨4⁩ ⁨weeks⁩ ago

those done through an actual bank teller

That’s the only type of cash withdrawal I do these days though. I’ve been living in the USA for a while but it was the same for me when I lived in Australia too. I can’t be the only one?

When buying stuff at a store, I tap my watch or card to pay. For sending money to other people, I use Zelle, which is embedded in the apps and sites of all major US banks (the equivalent in Australia would be PayID).

If I want cash, it’s usually because I want money for tips when travelling, and in that case I want smaller denominations ($1, $5, $10) so I go to the bank to get them. The ATMs only have $20s and $50s.

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