FSU members were outraged to learn about the Commonwealth Bank’s decision to charge customers $3 each time they withdraw cash from their own accounts.
After significant public backlash, CBA has just announced it will “pause” this fee for six months while it speaks to affected customers.
That’s not good enough.
Australians have 9.48 billion reasons to be cynical of this fee announcement, which is all about increasing the bank’s profit beyond the $9.48 billion they made last financial year.
Not only are we concerned about the impact this fee will have on service standards, including branch closures, we are also concerned that our frontline members will be forced to cop the brunt of angry customers.
Today we wrote to CBA CEO Matt Comyn demanding that he withdraw this appalling decision –you can read our letter here.
We have also sought the support of Federal Treasurer Jim Chalmers and Federal Financial Services Minister Stephen Jones and requested the government step in. It’s promising to see Minister Jones express his support for customers and staff, calling the bank’s decision “the worst Christmas present ever” and “a kick in the guts”.
Both the Treasurer and Financial Services Minister have agreed to meet with us to continue discussions.
This is the latest example of why it’s critical the Federal Government implement therecommendations of their banking report and finally start holding the banks to account.
CBA and others have been allowed to operate with impunity, closing hundreds of branches, sacking staff and axing ATMs.
Now, with this greedy grab for cash announced during a cost-of-living crisis and just before Christmas, we must ask: where is the regulatory intervention? Where is the pressure from the government to call this company, and its big competitors, into line?
When will enough be enough?
We’ll keep you updated on any developments once we’ve met with the Treasurer and Financial Services Minister.
Let’s keep up the pressure on CBA to turn this “pause” into a reversal!
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