Commonwealth Bank Faces Backlash Over Withdrawal Fee

The Commonwealth Bank of Australia has sparked public outrage by introducing a $3 fee for assisted cash withdrawals from branches, post offices, or over the phone, starting January 6, 2025, affecting customers transitioning from 'Complete Access' to 'Smart Access' accounts. This change has drawn criticism from government officials, including Assistant Treasurer Stephen Jones, who called it a 'kick in the guts,' and Liberal senator Jane Hume, who stated she would close her account. While the fee does not apply to customers under 18, those with disabilities, or ATM withdrawals, the bank maintains these changes are intended to improve banking experiences. Despite backlash, the bank continues to offer free withdrawals from its ATM network. The 'Smart Access' accounts include a $4 monthly fee, waived with a minimum deposit of $2,000 monthly.