The Commonwealth Bank has unveiled major changes to one of its main everyday account offerings that will see some customers charged $3 to withdraw their own money. Customers taking money out at bank branches, post offices or by phone are charged $3 per withdrawal.
The withdrawal fee is only waived for customers who are under 18 or have an aged, disability or war veterans' pension.
Probably a $20 overdraft fee..
"The withdrawal fee is only waived for customers who are under 18 or have an aged, disability or war veterans' pension." This is fair.
The only time I could think of a situation where I would use a teller to withdraw cash is if I needed more than my daily limit or if I lost my ATM card which has never happened.
People complain about this but don't complain that Macquarie Bank has 3 branches and don't transact any cash whatsoever
This is fair.
No it's not.
What if you are elderly and only have a passbook account without an ATM card? Why are their fees not waived?
The withdrawal fee is only waived for customers who are under 18 or have an aged, disability or war veterans' pension.
If you are elderly and not on the Age Pension, then you can afford the $3.
then you can afford the $3.
Just because most people can, doesn’t make this okay.
but we all have to deal with it.
As opposed to what, Looting our local shops?
We ‘deal with it’ coz that’s the only option we have.
But you are using that as an argument to somehow justify something that’s unjustifiable.
@JimB: And I am now fortunately privileged enough to live in a safe gated community too but by your logic I should lose the right to chime in on any topics discussing the surge in home invasions.
Just because I can move away from Commonwealth to a lesser bank, doesn’t mean everyone can. Jv’s already made a great argument about this below, I am still waiting for you to respond.
If you are elderly and not on the Age Pension, then you can afford the $3.
Not necessarily.
Passbook customers can write a telegram to CBA's CEO and complain
Why?
Make a nice strong cup of tea and write him a stern letter. They can then sent another one to the Post Master General about the cost of stamps.
@Daabido: You might have to resort to tutting.
I know about PMO because my parents used to work there. Funnily enough in the Telegram section.
Get with the times. Those of us old enough can remember standing behind someone at Coles or Woolies paying with a cheque.
Please let me know what age I need to reach when I never have to learn how to do anything new ever again and everybody else just has to make the world work around me because I'm old gimme gimme gimme
but don't complain that Macquarie Bank
That’s because Commonwealth is a major bank and Macquarie Bank is not. More people are affected by Commonwealth Bank.
You can go to other bank. No one is forcing anyone to stay with CBA.
Not if you're elderly and you only have one bank branch near your home.
If that was a realistic option for the majority of account holders, Commonwealth wouldn’t have come out with something this outrageous in the first place.
Retail banking is probably a loss leader for the major banks.
Everyone should ditch the major banks & join Great Southern Bank.
Why? Sell it to me. Have they committed to not do the same thing? Where is my nearest GSB branch? Do they have fee-free ATMS (yes I realise the majors have less of those these days)?
Just do it to spite the majors.
But will I be cutting off my nose to spite their faces?
They are antivax.
far out, CBA is getting greedy, its share price rocket highest price ever and now this? definitely they put profit first!!
far out, CBA is getting greedy
yep…
not that long ago they removed lots of customers from their rewards program…
then they changed their 55 day credit cards to 44 days…
Greedy? Yep. They had a great insurance arm too, and flogged it to flogs
To be fair, ASX is riding pretty high at the mo'
How does one take cash out via phone!?🤔
Mine must be blocked, nothing is coming out.
Have you tried shaking it?
@EightImmortals: Shook it, tossed it at the wall, lots of pieces of plastic appeared, no money though!
jv must have sold me a dud phone!
@JimmyF: Have you tried prying it open? I am sure there are cash notes kept inside underneath the screen. Not sure about coins though.
2 decades ago we had a homeless guy breaking into our office and tried to pry open our eftpos terminal with a pair of scissors for. We had a good laugh after we figured out what he wanted to do.
2 decades ago we had a homeless guy breaking into our office and tried to pry open our eftpos terminal with a pair of scissors for. We had a good laugh after we figured out what he wanted to do.
LOL….. What had they expecting to find inside? Its not like a ATM that notes pop out! But yes gives you a good story to tell.
That's hash,idiot
Nek minnit they'll buy out Colesworth
We used to have banks that were run by the Government. Funnily enough the Commonwealth Bank was one of these. If you are willing to get on the privatisation bandwagon then don’t whinge when it bites you on the arse. These are privately run businesses, just like any other privately run business. They are in it for the profit.
People can decide to move their money to another organisation. Frankly the Commonwealth bank would probably be glad to see them go. I’m sure the costs associated with these accounts is more than the income they would be deriving from them, particularly if the customers are using tellers. As electronic transactions take off the cost of handling cash is skyrocketing as well.
Nobody is stopping anyone creating a new bank that is willing to pick up the cash handling costs, the rural branch costs, the small amount accounts using tellers costs. However, nobody is doing this because it isn’t financially viable. The high value customer is one who does electronic transactions, has a good amount in the bank and is taking out loans.They are the customers the Banks are chasing. Not grandpa who lives in the back of Bourke, has a few hundred dollars to his name and takes fifteen minutes of the tellers time to withdraw $20.
It is funny how the rightwing media who champion the cause of privatisation suddenly goes all socialist when they actually get what they are espousing. A free market system where the Government doesn’t interfere. Maybe some of the small community people might think before they vote for the Nationals again.
I’m a bleeding heart leftie so I would protect the poor and disadvantaged. However, maybe it is time some people realised the downside of listening to uncle Rupert and voting conservative.
But wasn't it Keating (ALP) who sold off Commonwealth Bank?
Also Qantas?
Also CSL?
And partially sold off Telstra?
And didn't he deregulate the financial sector which set the banks up to be able to rape their customers like this?
Please don't confuse this as a defence of the alleged other 'side' of Australian politics. AFAIC they're two wings of the same bird sh*tting all over Australia and Australians.
AFAIC they're two wings of the same bird sh*tting all over Australia and Australians.
This is exactly it and I think people are slowly starting to see it. Before the 2022 election I was definitely keen for a change of government thinking Labor would somehow be different to the LNP but two years later I think things have just become even more worse in this country.
Before the 2022 election I was definitely keen for a change of government thinking Labor would somehow be different to the LNP but two years later I think things have just become even more worse in this country.
Right.
◦ 2022 - 5.2% increase in minimum wage
◦ 2022 - 4.6% increase in awards
◦ 2023 - 8.6% increase in minimum wage
◦ 2023 - 5.75% increase in awards
◦ Building Code repealed
◦ Backed and funded 15% pay rise aged care workers
◦ Legislated 10 days paid family domestic violence leave
◦ Abolished the ABCC
◦ Abolished the ROC
◦ Supported bargaining for lowest paid
◦ Implemented single-interest bargaining
◦ Sunsetted Zombie agreements
◦ Arbitration for intractable disputes
◦ Simplified Better Off Overall Test (BOOT)
◦ Simplified Agreement Approvals
◦ Re-started bargaining for expired agreements of 5 years or less
◦ Initiated Gender Pay Equity Panel
◦ Initiated Care and Community Panel
◦ Ensured gender equality and job security were at heart of Fair Work 2009
◦ Explicitly prohibited sexual harassment
Fair Work 2009
◦ Ensured gender identity, intersex status and breastfeeding discrimination was prohibited in Fair Work 2009
◦ Prohibited pay secrecy clauses
◦ Strengthened genes pay equity
◦ Strengthened the right to flexible work
◦ Strengthened right to unpaid parental leave
◦ Increased small claims threshold to
◦ $ 100,000
◦ Banned job ads below the minimum wage
◦ Provided access to workers compensation for firefighters with work-related cancers, including female cancers - now the world's best practice
◦ Implemented restrictions on fixed term contracts
◦ Established National Construction
Industry Forum
◦ Criminalised wage theft
◦ Closed the labour hire loophole to stop the underpayment of workers (same jobs, same pay)
◦ Introduced a new criminal offence for industrial manslaughter
◦ Ensure better access to support for first responders with PTSD
◦ Expanded functions of the Asbestos Safety and Eradication Agency to include silica
◦ Introduced minimum standards for gig workers
◦ Introduced minimum standards for road transport drivers - including owner-drivers
◦ Ended forced permanent casual loophole - by providing a proper pathway to conversion for casuals who want it
◦ We're stopping unpaid overtime through a right to disconnect
◦ At the same time the number of days lost to industrial action has fallen
◦ Half price prescriptions
◦ Cheaper childcare
◦ 15% pay rise for early educators
◦ Banned credit cards for online gambling
Yep, things are definitely worse-off. We'd definitely have literally every single item on that list if the LNP were in power.
@ThithLord: Shhh. They don’t like to see the reality. It contradicts what Uncle Rupert is telling them. The thing I dint understand is why The Age seems to have gone so right wing as well.
@try2bhelpful: But it WAS Labor that sold off Commbank, wasn't it?
We used to have banks that were run by the Government. Funnily enough the Commonwealth Bank was one of these. If you are willing to get on the privatisation bandwagon then don’t whinge when it bites you on the arse.
@tenpercent: It was wrong for either side to do it. The LNP just accelerated the idea in other areas. You want people to be looked after then don’t give your delivery of fundamental services to people who need to name a profit, They aren’t in it for the public good.
@try2bhelpful: Exactly. Both "sides" do it.
they're two wings of the same bird sh*tting all over Australia and Australians.
@tenpercent: The CBA was privatised for many good reasons, do you even know why they privatised it? Or purely using it as a stick with which to whack Labor over?
do you even know why they privatised it?
Whatever reasoning they gave you sounded good, but it wasn't the truth.
It's about privatizing the profits & socializing the losses. Globalization. Making the elite more wealthy. Tighter control. And other reasons.
@try2bhelpful: 🙄 Firstly, go read my reply to their comment. Secondly, I'm not a fan of Rupert Murdoch at all, he's a disgusting evil person and very likely the worst export this country has ever created. I'm going to go out on a limb and say you've labelled me as such because I've likely said things that go against your political views. Like most people who are extreme left or right, you seem to believe no one can genuinely sit in the middle and see the pros and cons of both sides of politics.
It's unfathomable to you that someone would want the poor to be helped, but at the same time not allow every Tom, Dick and Harry into the country when there's a housing crisis and people are living in tents. It's unfathomable someone would want the country to have a strong economy and at the same time not spend so much money on defence. It's unfathomable to you that someone can respect LGBTQI people and want them to have autonomy but at the same time think it's insane to allow people who transition to compete in sports. We must all live in a world of black and white where we all happily sit on our side of the fence and attack the other side, not thinking at all about how silly that is and how silly it is to not listen to the concerns of the other side.
Oh and by the way, when I've cited news sources in my comments I've make sure to use news articles from all over. The Guardian, ABC, Sky News, Macrobusiness. I don't solely quote a single news outlet because that would be so pathetically ignorant and extremely anti-intellectual.
@ThithLord: There's also the full blown rape and pillage of Australian assets (and by proxy Australian's labour and tax dollars) by selling off Commbank, Telstra, CSL, etc, etc for pennies on the dollar under Labor (Keating). But I already made that point in my first comment. There was also the gold plated pink batts and premium prices for budget quality school halls. And yes there's plenty of examples for "the other side" too. My point is that there isn't really an "other side" and there hasn't been for at least several decades.
@tenpercent: CommBank was a liability to the tax-payer in the 90s. It made sense to sell it off because the Government knew it would perform better on the free market. It was the last few steps of making Australia competitive on the financial market.
Pink Batts, jeeesus christ, give me a break. The Labor government was responsible for the handful of shoddy operators? Get lost, your lack of originality is telling.
@ThithLord: Gosh. Listen to this rusted on Labor voter spewing privatisation propaganda garbage. Chifley would be spinning in his grave.
The share price for a company is based on expected future performance, not current performance. Selling it off instead of putting it under independent mangement was either a critical lack of intelligence or some dodgy dealings were done behind the scenes. And it wasn't just Commbank that was flogged for pennies on the dollar.
Yes Pink Batts. You asked for more because apparently killing free speech and replicating the CCP's model for the internet in Australia wasn't enough for you. "Papers please! Zeig Heil Elbowkneezy!"
@tenpercent: lmao. Stay mad. Please. Actually, why am I even requesting you stay mad, I know you're staying madwhilst the country improves YOY with Labor in power. Cope some more.
'Rusted on Labor voter' nice try. Only started voting for Labor since 2016, once I actually started using my eyes and ears. I was a dumb-enough voter to vote for the Liberals first, then disillusioned enough to vote for the Greens. Never again.
What the LNP accomplished in 9 years of power pales in comparison to what the Albanese government have accomplished in the last three weeks. Facts don't care about your feewings, snowflake
@ThithLord: Not mad. Just aware that Coke vs Pepsi is a scam.
You seem a tad confused mate. The way you write seems to imply you think I support LNP. To be clear I do not. I'm just pointing out that Labor is just as sh*thouse as LNP and they both screw over Australia and Australians.
lmao. We've got a diehard Albo fangirl here it seems.
What the LNP accomplished in 9 years of power pales in comparison to what the Albanese government have accomplished in the last three weeks.
Oh really? What else have they privatised in the last 3 weeks? What other perks for big corporations have they introduced? I hear they're doing more than the LNP did in 9 years.
@tenpercent: "Both sides are the same" is an LNP favourite type of voter, therefore you are as good as an LNP voter.
"Both sides are the same" is an LNP favourite type of voter, therefore you are as good as an LNP voter.
I have a strong feeling you won't believe me but the only time I've ever voted for the LNP was in 2013 when I became absolutely sick and tired of all the backstabbing going on in the Labor party.
@ThithLord: Can I ask, what was so good about sunsetting zombie agreements? Some of us had quite good conditions on these and got royally f'd over last year getting forced onto newer contracts that were supposedly "no worse off".
Employers or employees who did not want their agreement to terminate were able to make an application to the Commission before 7 December 2023 to extend the default period for their ‘zombie agreement’.
Fair Work Commission would have helped you out there, mate. Sorry to hear it was not beneficial for you
@ThithLord: Genuine thanks for helping me to see some of the good they've done. I upvoted your comment, bet that's a surprise, right? Because someone who can see the fault in a party obviously cannot see any good either, right? Most of what I base my opinion on Labor these days is how many people they've let into the country the past few years, and by that metric they have failed miserably have they not? From 2022 to 2023 they let in ~500k people during a housing crisis and as a result vacancy rates in our two largest cities plummeted and homelessness has increased.
I mean, those things you mentioned are all well and good, but when people are finding it hard to simply get a roof over their heads (one of the basic necessities in life) then it screams to me that Labor do not have their priorities straight.
Genuine thanks for helping me to see some of the good they've done. I upvoted your comment, bet that's a surprise, right?
From you? Nope, honestly, I'm not surprised.
Anyway - Labor inherited a huge labour shortage. It was robbing Peter to pay Paul with immigration. We were in an incredible labour shortage coming into 22/23.
Labor at least brought huge immigration reform compared to the influx of unskilled labour that the LNP gleefully bring into the country to water downs wages.
privatisation
Talks about privatisation and tries to make an indirect case for Socialism, fails to mention the root issue here i.e. Monopolisation of industries aka bedrock of Socialism.
realised the downside of listening to uncle Rupert and voting conservative.
Right. Because the parties in power are very conservative indeed.
Yes, Woolies,Coles and Telstra are socialist orgs. Hmmm.
Lurking behind all of these outcomes is the regulations (rorts via govts) they operate under.
Privatisation can't ever work unless you have regs that have serious penalties and consequences in place for the scum involved, who make promises at the front end and do the opposite at the earliest opportunity.
Self regulation should be abolished, and 'real' ombudsman like bodies installed to oversee consumer rights.The ACCC is a proxy enabler.
Yes, Woolies,Coles and Telstra are socialist orgs. Hmmm.
Don’t know about Telstra but Coles and Woolworths together form a monopoly which by definition is an anti-capitalist and a pro-Socialist mechanism.
What’s the difference between a soulless private company dominating an industry vs a soulless government controlling all means of production? They are both almost the same.
Also Fyi, private companies operating via a clear collusion with the government is the definition of Fascism. Thats literally the opposite of privatisation and capitalism but I wouldn't expect the far left types here to take such facts in consideration.
@Gervais fanboy: I don’t think you understand what socialism is if you think two private organisations getting together and acting against the good of the people is socialism.
I don’t think you have a clear definition of Facism either.
Privatisation and Capitalism is the market setting the rules and standards. In this case the market has decided the costs involved in these particular “customers” isn’t something they are willing to bear. They expect to get part of their costs back. Socialism would be that the state expects the businesses to wear these costs for the good of the citizens.
I don’t think you understand what socialism is if you think two private organisations getting together and acting against the good of the people is socialism
I made a point an industry that lacks any true competition, may that be a socialist economy or what we have right now with Commonwealth/Anz/Coles/Woolies etc.
I don’t think you have a clear definition of Facism either.
There’s a lot of literature on crony capitalism and economic fascism, how they are both the same thing.
I understand the rest of your points and agree with them but I urge you to differentiate between actual capitalism and the crony capitalism we have today. They are two very different things.
@Gervais fanboy: Yes, sure socialist Woolies and Coles hand out food to the plebs.Not a gouge in sight.
@Gervais fanboy: Today I learned private firms engaging in cartel behaviour to increase profits is socialism
Oh look I appear to have an acquired brain injury
Today I learned private firms engaging in cartel behaviour to increase profits is socialism
Can always turn a lib to misconstrue what I said.
I only drew the parallels between a monopolistic economy and a socialist one.
You very well knew what I wrote but.. you are you.
@Gervais fanboy: Sounds like you aren't too clear in what you are saying. Then you decide to abuse anyone who disagrees with you as a "lib". Maybe spend a bit more time on structuring your arguments than abusing people.
@try2bhelpful: “Abuse”
Alright cat lady, reinforcing the stereotype as always. What’s next, you are now gonna accuse me of harassing you??
Then you decide to abuse anyone
Anyone? (Plural)
This is you in a nutshell btw.
structuring your arguments
Unbelievable
I said this - “ Monopolisation of industries aka bedrock of Socialism.”
You misquoted me by saying - “Actually monopolisation in the hands of private industries isn’t the bedrock of socialism”
If you had any integrity, you’d realise how you go about lying over such a harmless less argument. And you have done this before too btw.
abusing people.
What abuse?
Which people?
Please reply or if you can’t, an apology would do.
Thanks.
@try2bhelpful: Aka Professional victim
Tell me, what abuse? Which people?
If you can’t cite those examples, you have to apologise for your slander. I am sick of you lot always lying about such stuff.
@Gervais fanboy: Haha what? Your definitions of socialism and capitalism are flat out wrong.
I don't know what podcasts you got them off but crack a book open and give actual information a go.
Your bad takes aren't even up for debate, they're just.. misguided and weird?
Don’t know about Telstra but Coles and Woolworths together form a monopoly which by definition is an anti-capitalist and a pro-Socialist mechanism.
Holy lmao
@ThithLord: Easy to snip a phrase and manipulate it.
Crony capitalism and a socialist economy are almost the same thing where you have one or two entities controlling the entire market, negating all fair competition.
I have made this point several times now but given your lot’s politics, you keep acting in bad faith.
@Gervais fanboy: You literally said it is a Socialist mechanism by definition to form a monopoly. Nice try.
@ThithLord: Monopolised industries is a Socialist mechanism though.
What part of it do you not agree with? How is the state controlling an entire industry different from a business doing just that?
They are both monopolies when you look at it.
Nice try.
The fact I expected you lot to operate with some integrity?
@Gervais fanboy: Two companies forming a monopoly to bolster profit is fundamentally a capitalist principle.
Stop reading The Art of the Deal. Seriously.
@ThithLord: No, that’s crony capitalism.
Capitalism by definition is a free market enterprise.
You know what’s also not a free market enterprise, a socialist economy but you lot didn’t like me saying that so you resorted to misrepresenting me.
@Gervais fanboy: It is not socialist because, by definition, it is not for the general good of the citizens. It is about maximising profits with the minimum of costs. This is capitalism at its base level. Honestly mate you really do need to educate yourself properly.
@try2bhelpful: Look how selective you are with your replies
Don’t weasel out, tell me where was the abuse and which people?
I know slandering comes naturally to you but I am waiting for you to clarify your comments.
It is not socialist because, by definition, it is not for the general good of the citizens.
Are you talking about a free market economy?
If yes, then we just see things differently.
It is about maximising profits with the minimum of costs. This is capitalism at its base level.
Okay
Honestly mate you really do need to educate yourself properly.
Wow, the arrogance.
We have been going back and forth, you have repeatedly misquoted me and also slandered me but not once did I call you a dumb commie or some woke SJW bs but you yourself can’t help but be rude. Even though you in your complete brilliance called Labour a ‘conservative’ party.
Tell me mate, so where is this Socialist utopia where the private sector government runs everything and people live prosperous lives.
Actually monopolisation in the hands of private industries isn’t the bedrock of socialism. Having private industries set the standards to be against the good of the common citizens isn’t the idea at all. With socialism the state would control the industries for the common good of the citizenry. It wouldn’t be to make the shareholders richer to the detriment of the customers. I know you guys think “socialism” bad but at least get the philosophy right.
Frankly right now the parties in power are conservative. Both Labor and the LNP. This is why we aren’t getting a radical shake up in the agenda. Why some people can put down millions on a property and others are really struggling. We need a good investigation where a lot of this money is coming from.
Actually monopolisation in the hands of private industries isn’t the bedrock of socialism
No, don’t do this
I said ‘monopolisation is the bedrock of Socialism’.
Ofcos there would be no or very little privatisation in an actual Socialist economy.
With socialism the state would control the industries for the common good of the citizenry. It wouldn’t be to make the shareholders richer to the detriment of the customers
I understand the theory but do you not take a step back to notice the hyper centralisation of power here? And given the arch of human nature, what Socialism has always ever eventually resorted to?
you guys think “socialism” bad
No, just dwelling on history and how Socialism has only ever dwelled into chaos and deaths.
but at least get the philosophy right.
Hard for me to do that when you keep misquoting me.
Also
“soulless government controlling all means of production?
I had already defined it for you above.
If Labour and LNP are considered conservative, then I’ll just have to bow out of this conversation and educate myself further.
@Gervais fanboy: Actually I think you should bow out and educate yourself further if you don’t think they are conservative.
@try2bhelpful: Thanks for your extensive reply, addressing all my points with honesty and accuracy. As always.
@Gervais fanboy: You are the one who suggested you needed the education, I’m just reinforcing your point. If you did that then you could answer all the rest of your points yourself. There is nothing more tedious than a point by point discussion I prefer a summary which we both agreed on.
you needed the education, I’m just reinforcing your point.
Genuine as always.
I didn’t again talk about Labour and Liberal being conservative, did I?
What about the rest of it
“ Actually monopolisation in the hands of private industries isn’t the bedrock of socialism”
Where did i ever talk about private industries monopolising in a Socialist economy?
Why did you repeatedly misquote me. Can’t you ever have a discussion without lying?
I mean, it's not at all unbelievable that the value of their time doing what you need them to do is greater than the value they're extracting from you with your peasant dollar.