Everyone Should Have The Right to Withdraw Their Cash at a Bank Branch, if One Exists, without a Fee

Ave Maria on 10/12/2024 - 18:50
Last edited 11/12/2024 - 00:05

Everyone should have the right to withdraw their cash at a bank branch, if one exists, without a fee.

This is general "fee for your cash" post and not restricted to the recent CBA related news that is mostly miss-information.

CBA has been charging a $3 to get cash at the counter from the Smart Access account (as well as have a monthly account service fee) and nobody even raised a whisper.
You cannot even withdraw cash from the saving accounts (Goal Saver, Net Saver etc.) without moving money to the Smart Access account first.

The only difference now is that CBA is migrating a relatively small number of legacy accounts that did not have the cash withdrawal fee (and no longer on offer) to the Smart Access account.

CBA, by doing a back flip, will keep servicing the legacy accounts until the account holders are all deceased and keep charging a fee to the majority of new account holders.
Win-Win for the bank and lots of free publicity falsly advertising that CBA is not charging a fee.

If the Australian Goverment or RBA wanted to protect the right to use & obtain cash, they should officially make it illegal for banks to charge a fee for retrieving your cash at a bank branch (while bank branches still exist that is - that is another sad story as branches are also becoming obsolete).

Other than CBA, that I do know they charge a fee as they always direct me to an ATM & give me a funny look if I dare to ask them for crispy $100 notes at a counter and end up with $50 notes from their ATM, the only other bank I ever used to get cash at a branch is St George, and they do not charge a fee plus do not look grumpy like the CBA employees do.

Any other banks, other than CBA that do charge a fee for cash withdrawals at the counter or not allow it at all (please exclude online only banks)?
If any banks do not charge such a fee please also list them in a reply post. I do not personally need to know but it may be useful to others.

Financial

Comments

    • Ave Maria on 10/12/2024 - 18:59
      +111

      Banks make a profit from loaning out your money at a high interest rate or investing it while they pay you back peanuts.

      Humans are already paid to be behind the counter - and banks always dealt with money (cash is also money last time I checked).

      Banks make billions of profits each year. But they have to make more year after year - that is pure greed.

      • Gdsamp on 10/12/2024 - 19:01
        +2

        But they have to make more year after year

        Do you have superannuation? Then you probably benefit from them doing this, along with every other listed company whose goal it is to do the same thing

        • iminabrons on 11/12/2024 - 14:48
          +6

          Great system you have there; Hey people you might pay $3 in the present, but be happy in the knowledge that somewhere down the line you'll end up getting 10% of that original $3 .

        • CalmLemons on 12/12/2024 - 11:24

          I think what gdsamp is trying to say is:

          If you have superannuation invested with a superfund, your superfund owns a part of the bank.
          Basically, we own a part of the bank.
          The superfund 'might' trade the bank stock to take profits when the SP is high or get dividends paid out from the bank.

      • askbargain on 10/12/2024 - 19:01
        +2

        You could invest your money into CBA shares if you think their profits just keep going up. You can profit more than 100% but you can only lose 100%.

        • netjock on 10/12/2024 - 19:31
          +44

          You still have to pay $3 to get your dividends out in cash.

        • R4 on 11/12/2024 - 14:36

          as my finance professor used to say - the best way to get even with a company that's ripping people off is to own a piece of it.

          • netjock on 12/12/2024 - 16:18

            @R4: It is actually to own a piece of it and use a just as effective substitute.

            I own shares in asset management companies but I buy index ETFs.

        • Xistre on 13/12/2024 - 12:26

          Its more so that their bonuses and pay keep increasing, rather than their market value necessarily increasing. In any case, banking should be part of a normal fully functioning economicy society. Its absolutely critical which is also why it needs to be so heavily regulated.

      • Ocker on 10/12/2024 - 19:04
        +2

        Simple - don't use a bank as a depository for your money. Stick it under your mattress instead

        • jollibot on 11/12/2024 - 09:03
          +24

          Ah yes, such a reasonable alternative.

          We couldn't possibly regulate the banks in such a way that is beneficial to the majority of society because it would marginally reduce their enormous profits.

          • Ocker on 11/12/2024 - 10:10
            -6

            @jollibot: The majority of society, well at least those that work for a living, benefit from bank profits via the super funds.

          • Chandler on 12/12/2024 - 15:31

            @jollibot:

            Ah yes, such a reasonable alternative.

            The mattress isn't charging me $3, plus it does not look grumpy like the CBA employees do!

        • Roe Jogan on 12/12/2024 - 14:31
          +1

          best is to buy gold and stick it somewhere, in the event of government collapse or world war it would still keep its value and in the event of civilization collapse it could be used for barter. silver too

          • Chandler on 12/12/2024 - 15:38

            @Roe Jogan: Who the hell is going to use gold in the event of societal collapse? Gold is useless to all professions crucial to survival. Food, water, shelter, clothing.

            Gold was held as a standard medium for trade because it was a widely accepted and was easily measured (weight, quality, etc). Outside of some scientific and industrial uses, its not a widely sought after material for functional usage. It's just due to it's perceived value that it gets used in things like jewellery, furniture, etc. i.e. "Gold is expensive so I wear gold so I look wealthy to others".

      • AndyC1 on 10/12/2024 - 19:06

        So do you know what the return on the capital is for the banks? How does it compare to the ASX Top 200?

        • netjock on 10/12/2024 - 19:49
          +16

          Actually banks have very little capital. Because what is on the books is what's been paid up share capital values from the past. They do have a CET1 Capital as part of Basel rules which is around 11.9% for CBA (HSBC is like 15.2%)

          How they make money is borrow money at say 5% and lend it out at 6% which makes net interest margin 1%. Reason they make so much money is they sit on billions if not trillions of loan they classify as assets, the liability is the borrowings they use to fund it.

          Banks like to use return on tangible equity (ROTE) basically net income divided by shareholders equity less intangibles. Most global banks struggle to increase ROTE because net income (due to more competition) and intangibles (like software cost is high, everything else is SaaS or Iaas). Australian banks are in the mid teens which is a few percentage points higher than overseas banks. This is why CBA is worth as much as HSBC. CBA annual profit is like AUD$9.5bn. HSBC is US$30bn.

          Now you know we're well ripped off.

          • Chandler on 12/12/2024 - 15:39
            +2

            @netjock:

            like software cost is high

            Those damn COBOL developers!

            • netjock on 12/12/2024 - 16:21

              @Chandler: Actually not COBOL.

              SaaS sounds good when they come in for the pitch meeting then once you are onboard they start jacking up their prices.

              Or you outsource to the likes of TCS / WiPro and you realise they can keep the software up but otherwise have no idea what they are doing so you're paying 50% less but it takes 200% of the time to get something done.

      • donga100 on 10/12/2024 - 19:08
        +7

        Banks make billions of profits each year. But they have to make more year after year - that is pure greed.

        No, as publicly traded companies on the ASX they are legally obliged to do what is in the best interests of their shareholders.

        • jollibot on 11/12/2024 - 09:04
          -3

          Therein lies the problem.

          It should be stakeholders, not just shareholders, as society at large is a significant stakeholder in the banking system.

          • Krankite on 12/12/2024 - 08:20

            @jollibot: Ditch the banks and go to a credit union

          • Chandler on 12/12/2024 - 18:29
            +1

            @jollibot:

            It should be stakeholders, not just shareholders

            Smells like communism… Buff him, coys!1

            1. This is a twist on the Simpsons meme, "Bake him away, toys", not a misunderstanding. Don't @ me… #knowyourmeme ↩

          • donga100 on 20/12/2024 - 19:53

            @jollibot: Society was a majority shareholder in CBA and then decided it wasn't that important and privatised it. Well, the democratically elected government of the day did.

      • JIMB0 on 10/12/2024 - 20:58
        -2

        They'd make about 6.9c a day on your $420 balance. Hardly massive.

      • bobwokeup on 11/12/2024 - 12:08
        +1

        So where do you suggest we store our money and get home loans? Like I said in my comment to AndyC1, I do not pay much in fees so their profits are not from me and I need to store my money somewhere…

      • bamzero on 11/12/2024 - 18:32

        Exactly. Seems the business operation of banks has slowly been forgotten over time.

        Used to be, you give them your money, they use it to make more money and pay you a little interest for the priviledge..
        Nowadays, not only do some of them want to use your money and not pay you any interest (or make you jump through hoops for it) but charge you a fee for it on top of…

      • randomvis on 12/12/2024 - 13:33
        +3

        In reality is they don't have your money.

        According APRA the minimum leverage ratio requirement of 3 per cent. Most banks hover anywhere between 4 and 8 per cent.

        In layman's terms, if you deposit $50k at the bank, the bank can now loan out through our fractional reserve system in excess of a million dollars.

        But yes, they need to charge you as well, the person who deposited that money in the first place to access it, because well…. they don't want you touching THEIR money.

      • RocketSwitch on 13/12/2024 - 18:32

        Think about how CBA can profit $10B off a 27M population, which only 17M have bank accounts.

        Welcome to the propaganda machine!

    • hasher22 on 10/12/2024 - 22:16
      +13

      For decades banks gave your cash out for $0.00 and CBA profited $9.48 BILLION DOLLARS in the last financial year. Let that sink in for you……

      If banks can get rid of monthly bank account fees which was the norm back in the 80s, 90s and 00s which applied to EVERYONE….. a few people cashing out for $3 isn't gonna make a dent in their profit margin

      • Dan_ on 13/12/2024 - 14:26

        If Apple made 9.48 billion AUD, Tim Cook would be shown the door.

    • ginormousgiraffe on 11/12/2024 - 07:24
      +1

      They make their money offering people shit rates for the bank to hold their money and lending that out at 100-200 bps margin

    • apple2016 on 11/12/2024 - 09:49
      +1

      Has you seen the profits posted by banks???

    • 2esc on 11/12/2024 - 09:55

      They use to without a problem. They are making huge profits from the cash we already have with them. Its double dipping! But with the added intention of getting rid of cash entirely from society.

    • bobwokeup on 11/12/2024 - 11:57
      -1

      Agreed, I pay my bank next to no fees as I pay everything on time and have negotiated a good deal for our family and my immediate family.

      Banks make money from the uneducated. Actually funny story I was declined for a credit card the other day (2nd time in my life haha) as my home loan is 100% offset against my main savings account, so I only pay interest (including principal) on my investment properties. We keep our home offset account at the exact same amount as the home loan. Then we have another offset account against the biggest investment loan while we build that savings account and use that to pay bills, etc. Granted it took me years to get to this stage but I have rarely paid much to banks for fees in my life as I see them as a necessary evil.

      So yeah I can't churn and burn in the OzBargain style but I would rather that as I have effectively paid off my principal home. When we are ready to move I will use that savings and buy a new family home, then my current home I will pay interest on it as it will be an investment property.

      • JediJan on 11/12/2024 - 12:10
        +1

        I had an interest free ComBank Visa account I tool out in the 80s. Unless I rack up a certain amount on it each month they have been charging $3 a month. I don't pay interest, use it as a convenience (like we should) and pay it out each month. That $3 fee stinks! .

        • Daabido on 12/12/2024 - 18:50

          Sounds like you are paying the lazy tax.

    • burningrage on 11/12/2024 - 15:10
      +2

      That is a very silly comment to say. A restaurant with employees taking orders or taking orders to your table also cost $$$ but you don't charge fee for every employee coming to your table, do you?

    • Bunnyburger on 11/12/2024 - 15:39
      +5

      Fine, howabout this deal instead. If a bank wants to charge fees, it cannot operate using the fractional reserve banking system.

      • ozboygsl on 11/12/2024 - 21:26

        GOLD!!!

    • Morkai on 12/12/2024 - 09:34

      Quick, look over there! No not there at the gigantic pile of money we rake in every quarter from millions of customers paying fees and crazy interest rates, over there at that strawman that looks like a $3 fee.

    • R-Man on 13/12/2024 - 04:59

      You're right mate. I've just gone and donated $200 to my local branch. We should all pitch in and help CommBank remain profitable.

    • sauce2k on 13/12/2024 - 13:50

      man just how behind you are in understanding the society…

  • askbargain on 10/12/2024 - 18:58
    +3

    CBA has been charging a $3 to get cash

    Didn’t they reverse the change?

    Instead of complaining that CBA makes billions in profit, how about you don’t bank with them?

    • FimpBARGAIN on 11/12/2024 - 13:04
      +3

      They just delayed the change, never said they weren't going to do it in 6months

  • spackbace on 10/12/2024 - 18:59
    +26

    You seem to be obsessed with banks

    Is this related to your profession?

    To date, you have discussed:
    St George
    Judobank
    AMP
    Great Southern
    Rabobank

    And now CBA

    • Ocker on 10/12/2024 - 19:05
      +5

      Reckon OP got knocked back for a loan and now is sour on all banks.

      • altomic on 11/12/2024 - 11:21
        +8

        OP asked if he could borrow $20 off me and I declined.

        should I be worried?

        • I like freestuff on 12/12/2024 - 14:16
          +3

          "Everyone should have the right to borrow $20 off altomic"….

      • spackbace on 10/12/2024 - 19:27
        +7

        Yes, coz clicking your name, then clicking the post link, is really difficult…

        Nice way to skirt the question tho. Don't wanna participate in my discussion?

          • KangaDrew on 10/12/2024 - 20:51
            +2

            @Ave Maria: Please do share where you were allegedly "trolled". We'll wait.

              • KangaDrew on 10/12/2024 - 21:03
                +1

                @Ave Maria: Do you understand how Google works? Or even words for that matter? I asked for you to share where you were allegedly trolled, not what trolling is 🤦🏻‍♂️

            • TooSerious2 on 10/12/2024 - 21:31

              @KangaDrew: I think it's the hostile tone of some of the comments. "You seem to be obsessed". "We'll wait".

              I can understand why some people don't want to deal with that.

              • KangaDrew on 10/12/2024 - 21:47
                +3

                @TooSerious2: Observations aren't trolling. A cursory glance of previous posts and comments shows that the "obsessed" observation had factual merit behind it. So until then, "we'll wait" for the actual trolling to be pointed out.

    • WhyAmICommenting on 11/12/2024 - 13:31
      +1

      OzBanking

    • Baysew on 11/12/2024 - 13:46
      +4

      In fairness to the OP, the post Great Southern Bank Will Process Foreign Cheques was a very helpful one.

      The question of getting foreign cheques processed had been asked many times without any clear answers, until OP provided solution.

    • ozboygsl on 11/12/2024 - 21:27
      -5

      And you clearly are obsessed with them. Do you do anything else with your time other than keep tabs on what ppl post here?

      • spackbace on 11/12/2024 - 21:28
        +8

        Again, took me 30 seconds to produce that. About as long as it took you to write that comment.

        Does that mean you're obsessed with me, because you read and replied to my comment? If you further reply, I'll only take that as further obsession of me.

        I'm flattered though, thank you

        • ozboygsl on 11/12/2024 - 21:29
          -1

          professional observation. your welcome. but funny how you CHOOSE to take that tone with them.

    • FareEvader on 12/12/2024 - 22:17

      Nothing wrong with calling out businesses when do they don't act in the best interest of their customers!

  • apsilon on 10/12/2024 - 19:02
    +3

    You do realise that legacy account has a $6 per month flat fee regardless of transactions right? Lot of people probably would've been better off losing that charge and only having the $3 charge for assisted withdrawls.

    • FareEvader on 12/12/2024 - 22:19
      -1

      Bank tellers are already getting paid. The problem is that there are restrictions on how much you can withdraw at the ATM. There are people who are vision impared and can't use the ATM. How often have you walked by an ATM and seen an 'out of order' message?

  • Protractor on 10/12/2024 - 19:11
    -3

    Spoonerism says> Whinge about banking.

  • SBOB on 10/12/2024 - 19:13
    +21

    Devils advocate,
    Why should I, who chooses not to visit a bank branch, subsidise your use of a bank branch?

    Why should my account have lower benefits, interest rates, or whatever 'positives' it might have, to subsidise the cost of the branch and staff that has to be open and waiting for you to get your $100 bill because the $50s at the ATM aren't good enough?

      • SBOB on 10/12/2024 - 19:30
        +5

        But there are a lot of customers that do use a branch as their choise or have no other choise. You are not subsidising anything

        So bank branches, staff and operational costs are a $0?

        As a cash positive person, do you not remember 'back in the days' when bank accounts always had monthly fees and transaction fees? Why is, for your account with no monthly fees, a $3 fee for your once a month in person visit to get $2k an excessive fee?

          • simplystu on 10/12/2024 - 20:36

            @Ave Maria: choose a bank that has $0 fees +++ move on … there are plenty out there … simples.

            although possibly not so simple for you - as you've tried several banks that SPECIFICLY say that they don't offer such a service … yet you get offended when you've realised this is the case.

            the amount of time you have wasted just on this thread alone == mind blown.
            may as well open your own bank … then you can run it "your way".

              • simplystu on 10/12/2024 - 20:56

                @Ave Maria: I did add value to the general discussion … but it was not in the affirmative to your own PERSONAL views.
                there was 100% nothing in my post that could even be construed as a personal attack … I'm sorry if offended you.

                There are heaps of banks out there at charge $0 fees for such a service … yet you seem to be so clear that you won't even consider on what other ppl are suggesting … have you actually looked at what those other banks have to offer ???

              • simplystu on 10/12/2024 - 21:13

                @Ave Maria: some ppl are also stuck in their ways …

                my mum (used to use an ATM in a suburban shopping centre in VIC) … it was replaced by an ATMx machine.
                she started getting charged roughly $2.40 per transaction.

                Despite my best efforts - she will only use the ATMx machine … as that is what she is used to (+ feels safe - as ppl can't see her enter he PIN).
                Yet (within exact same shopping centre) … probably only an 80m walk … is an ATM machine - which her bank DOESN'T charge any fees for withdrawals.

              • randomusername2017 on 10/12/2024 - 21:14

                @Ave Maria:

                the only time I wasted

                So you thought you'd double down and reply as well…

      • askbargain on 10/12/2024 - 19:32

        provide a discount

        By not declaring tax?

      • johnno07 on 12/12/2024 - 22:16
        +1

        FYI it's "choice", not "choise".

      • ThadtheChad on 13/12/2024 - 09:29

        I use services that paying cash is more convinient or provide a discount, so I do an ATM withdrawal for $2000 each month and always get $50 bills, whats the point of having $100 bills then?

        Ahh right fueling the standard tradie tax dodge.

    • bobwokeup on 11/12/2024 - 12:09
      +1

      Exactly, I have not been to a bank in many years or do I use cash so does not affect me at all.

    • FimpBARGAIN on 11/12/2024 - 13:06
      +1

      Over past 10yrs CBA has closed all the branches and kiosks in my area anyway. I have to drive more than 1/2hr to get to CBA ATM now (which is out the front of the only branch left in the area).
      There is no way in hell their overheads haven't decreased since they got rid of branches in the regions, the extra $3 is just plain greed

    • TightAl on 11/12/2024 - 15:45
      +3

      By your same logic, Woolworths should close down regional stores because they are less profitable.
      Because why should city folks subsidise regional folks where stores MIGHT be making less profit?

      Why should I pay so much to Medicare and NDIS when I don't use it rah rah

      • Choc0 on 11/12/2024 - 16:36

        Have you seen regional Woolworths pricing? Those mother ducks are profitable!

      • dufflover on 11/12/2024 - 17:04

        Yeah that whole "we're subsidising you" argument is such a farce in so many topics.
        So many fairytale assumptions have to be true for that to also be true.
        I had a good cynical laugh in previous topics at people who thought CBA would give them higher savings rates (or some other "benefit") by moving people off Complete Access accounts.

      • SBOB on 11/12/2024 - 18:40

        By your same logic, Woolworths should close down regional stores because they are less profitable.

        If regional Woolworths stores charged more for some items than metro stores, would that validate or invalidate my 'devils advocate' point?

    • scanuck on 12/12/2024 - 03:14

      This is the core service of banks is why this argument falls down

      It’s not a value add or optional extra - it’s the reason they exist - to store your money for you.

      • SBOB on 12/12/2024 - 06:59

        How does the point become invalid, when you're pointing out they need to provide their "core service" to the customer for free?

        • scanuck on 13/12/2024 - 13:49

          What?

  • try2bhelpful on 10/12/2024 - 19:21
    +2

    I don’t mind subsidising the elderly and the young with needing assistance to withdraw money using a teller but why should I subsidise people who should have no trouble with using an ATM? I haven’t taken money out of an ATM for many months let alone used a teller to withdraw money. The banks reduce costs you get better interest rates. Sounds like a good trade off to me.

    Cash is expensive to transport. Personally I would prefer the cost needed to do that was used to improve security with electronic transfers. I’m pretty sure most stores would jump at the chance to ditch money. More and more you will see the ones not covered by the Government mandate heading cashless. Use a debit card rather than a credit card to avoid fees.

    I would love to send you back to the days when you could only use tellers to get your cash. I’m old enough to remember it. When deposits and withdrawals were written in your pass book and if you weren’t at your local branch it involved a phone call back to your local branch. When I had to change banks because my state bank didn’t have interstate branches. That would really give you something to whine about. The plethora of quick convenient ways to do banking nowadays is a godsend. You want to use expensive methodologies as a “lifestyle choice” then you should subsidise it.

    • SBOB on 10/12/2024 - 19:31
      +3

      I’m old enough to remember it. When deposits and withdrawals were written in your pass book and if you weren’t at your local branch it involved a phone call back to your local branch

      And accounts had monthly fees, transaction fees or maximum free ones before fees kicked in, passbook fees, cheque fees, etc etc etc

      • mskeggs on 10/12/2024 - 19:39
        +1

        I don’t remember fees like that with passbooks (I would have been under 18 then, so?) because it was hard to get credit then, and people with loans, mortgages and those new fangled bank cards paid squillions to allow banks to make lots of money off the spread.

        Interesting that credit is much easier to get, yet the people carrying a credit card balance still seem to fund most of the other parts of the place…

        • SBOB on 10/12/2024 - 20:44
          +2

          depends on the year
          eg heres an old RBA report that tables some fees in the late 90s
          https://www.rba.gov.au/publications/bulletin/2001/jul/pdf/bu…

          Seems that all the 'back in my day' people that want to protest the reducing utilisation of cash in the economy also seem to forget about how 'back in their day' banking fees were a very very common thing (and when converted to 'todays' dollars, make a $3 in person fee seem like nothing)

          • mskeggs on 10/12/2024 - 20:54

            @SBOB: Thanks for the links, I’ll agree with you because I love a citation and always agree it beats a “I remember”.
            I’ll put it down to my limited business with the credit union and building society of the day being about me being young.
            I guess the lesson for me is chasing discount mortgages and things left me now with a mess of complex banking making it hard to switch - almost like they saw me coming as a 16yro.
            Good lesson to look harder at how businesses treat their long term customers, not just new customers, whom they can extend lots of cross subsidies.

          • Ave Maria on 13/12/2024 - 23:17
            -3

            @SBOB: using the "back in the day" reference as an excuse to look at the state of the economy and the RBA rates from the 90's to today

            in the 80s-90s the RBA rate was very high - so savers were much better off than today even if they paid more bank fees.
            We had very low rates (close to 0%) for far too long, due to the effects of the GFC and COVID, so now everyone complaints the current rate is too high.

            Looking at the below timeline of RBA cash rates - I would love to have a 8-10% return on my retirement savings now -:) and be happy to pay the bank a monthly account fee. But not so much when the rates are relativey low and customer service is diminishing all at the same time.

            1990: interest rates reached an all-time high of 17.50%

            1994: Interest rates dropped to 8.75%

            1995: Interest rates peaked at 10.5%

            1998: Interest rates reached a low of 6.5%

            2000: The RBA cash rate was 5.75%

            2008: The RBA cash rate peaked at 7.25%

            2009: The RBA reduced the cash rate to 3.00%

            2013: The RBA reduced the cash rate to 2.50%

            2016: The RBA lowered the cash rate to 1.50%

            2019: The RBA halved the cash rate to 0.75%

            2020: interest rates reached a record low of 0.10%

            2024: Current RBA cash rate is 4.35%

      • Ocker on 12/12/2024 - 18:56
        -1

        Passbook saving account never had any fees.

    • greatlamp on 13/12/2024 - 08:08

      This isn't a tradeoff. Either the bank charges for using ATMs or they will consider removing them and potentially losing customers. There is no scenario where some other aspect of their operation improves instead - they aren't short on funding. If they want to do those other things they would be doing them already

    • trapper on 13/12/2024 - 20:06

      I would love to send you back to the days when you could only use tellers to get your cash. I’m old enough to remember it. When deposits and withdrawals were written in your pass book and if you weren’t at your local branch it involved a phone call back to your local branch.

      Although strangely back then, with all that extra work, the withdrawals were free…

  • Protractor on 10/12/2024 - 19:39
    +1

    And if we all took the attitude that 'why should I support'…

    Let's not be TOO hasty in defending big banks. Of course they have running costs. That's why AI is going to gut employment in jobs like banks.It's going to be a harder.colder world without cash and human interfaces.
    There;s no doubt most of the changing fee structure is about herding customers. The way CBA backed down shows they were NOT genuine with the reasons they put out there initially.(running costs of the 'few')

    • try2bhelpful on 10/12/2024 - 19:45

      The reasons are probably valid, they backed down because of the optics. I would much prefer the bank kept the fees for normal people using tellers and removed all the fees for having small amounts of money in your accounts. People shouldn’t be penalised for being poor. No fees on standard savings accounts, no fees to use ATMs and keep fees for using a teller if you aren’t young, elderly or disabled.

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