Submitted 4 weeks ago by Nath@aussie.zone to australia@aussie.zone
I hope this inspires a massive migration off CBA and a rollback of the policy. Because if it doesn’t, the other banks will be sure to follow.
Corporate banks can go suck an egg. There are multiple good member owned banks whose directors are accountable to you and not shareholders.
More people need to use credit unions.
Also “Great Southern Bank” are dickheads for renaming from Credit Union Australia (CUA).
Yeah GSB sounds like something that will be recalled for causing bloated testicle or something. Being back CUA
I moved away from CommBank once they started charging me a monthly fee while I was still a teenager. Convinced my whole family to switch to NAB. I hope NAB don’t follow suit.
Huh, my bank is free until IIRC you are 25. You get a simple account with a debit card and a simple savings account (pretty sure you can make however many accounts you feel like for free after that). You also get access to the instant money transfer tool that everyone in my country uses (no fees whatsoever to use it either)
Most banks in Australia are completely free too. It’s only a couple of the biggest and shittiest banks (like Commbank) that have fees for regular use.
Bank of America tried a $5 debit card fee back in 2011 and lost me as a customer. It was so unpopular, they ended up rolling it back.
Precisely the outcome we want to see here. An exodus of customers leading them not only to roll this back but to put the other banks on notice that they really don’t want to follow CBA’s lead on this one.
I hope this inspires a massive migration off CBA and a rollback of the policy.
It won’t. Firstly because very few people use cash so this doesn’t affect them, but secondly because no one seems to have left following the consistent and widely reported scandals of the last decade. If you don’t wake the fuck up after that then a $3 withdrawal fee is not going to be a come to Jesus moment either.
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
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.
WhatAmLemmy@lemmy.world 4 weeks ago
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.
dan@upvote.au 4 weeks ago
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.