Attributable to Finance Sector Union (FSU) National Secretary Julia Angrisano:
Today’s partial backflip from the Commonwealth Bank on their $3 fee for over-the-counter cash withdrawals confirms the need for stronger regulation on banks, especially to recognise that accessing cash is an essential service.
The Commonwealth Bank should never have decided to charge such a greedy fee, especially during a cost-of-living crisis, with high interest rates and rents hurting and with Christmas around the corner. Having cut a quarter of their branches in the last 5 years and over 50% of their ATMs the bank is making accessing cash hard enough. To even consider charging a fee for branch withdrawals is offensive and should never be implemented. While the bank claimed this decision would have only impacted 10% of their customer base, experience has shown that fees get introduced to one group and then ramped up to affect more people over time, which is what we still fear will happen here
The media conference from Group Executive Angus Sullivan was a shameful exercise in spin, blaming their poor communications and not their own greed. Claiming it’s a pause for 6 months is also not an appropriate response. He admitted they are still committed to the change. The Commonwealth Bank are not being genuine today and can’t be trusted on the issue of fees.
The Finance Sector Union has called on the Federal Government to make banking an essential service and continues to urge for regulatory change. Without change, banks will continue to slash branches and services and raise fees with no constraints. This will harm all consumers but especially those in rural and regional areas, and those with additional needs. And it’ll cost the jobs of hard-working Australians dedicated to serving their communities.
Media contact: David Imber on 0413 274 204 or [email protected]
