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.
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.
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
Damn. You beat me to it by literally 13 seconds
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
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.
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?
I don’t use cash day-to-day. 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 (roughly equivalent to PayID). Even the small vendors at farmers markets where I live usually accept card, Zelle, Venmo or PayPal.
For getting cash while overseas in countries where they’re not as big on credit/debit cards, I have a Wise multi-currency account and use its debit card at a local ATM. Way better rates than exchanging cash.
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.
Corporate banks can go suck an egg. There are multiple good member owned banks whose directors are accountable to you and not shareholders.
@Nath One of the excuses when introducing ATMs was that it was cheaper to provide the service. They either lied then, or they’re lying now. I know which option I prefer. Fark 'em. Fark 'em all.
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 moved away from CommBank once they started charging me a monthly fee while I was still a teenager, in the 2000s. 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.
My bank is one of the biggest in my country. They charge a flat rate of like 10-20 € a year normally (+ some extra fees for specific stuff like paying in foreign currencies) which I think is pretty reasonable.
Are the smaller banks in Australia completely free for all ages and with no fees?
