In December 2024 the Commonwealth Bank of Australia (CommBank) announced that their approximately 1 million ‘Complete Access’ customers would migrate to a ‘Smart Access’ account commencing 6 January 2025.
Around 1 million CommBank customers currently have a Complete Access account, however it has not been offered to customers since 2016. Approximately 90% of these customers will be better off, due to decreased monthly account fee from $6 to $4 and the “no fee for cash” withdrawals from ATMs.
However, for customers who regularly withdraw cash over-the-counter, a key difference between the two account products would be a $3 per transaction over-the-counter withdrawal fee (in branch or via Bank@Post) and applicable to withdrawal via the telephone. COTA Australia has been raising concerns with banks (including CommBank) regarding the impact of changes to banking practices for over-the-counter customers for over a year.
Following public reaction from the community (including by COTA in the media and directly to CommBank), CommBank made a further announcement which clarified around 10% of Complete Access customers will have their transfer paused and that any customer who didn’t want to move accounts should contact CommBank to discuss their options. We understand this 10% is likely to include customers who withdraw cash over-the-counter regularly and that CommBank will make contact with these customers over the next 6 months to discuss their options.
We understand that the assisted withdrawal fee can be waived if you meet certain criteria. This includes an automatic waiver if you deposit an aged, disability or war veterans’ pension into your account, and a waiver upon request if you are reliant on over the counter services. CommBank also offers a Streamline Basic account if you have a pensioner concession card, commonwealth seniors health card or health care card which has no assisted withdrawal fees or monthly account keeping fees.
We were pleased to see CommBanks Head of Retail state in the media that CommBank staff in branches will help customers learn how to use ATMs if they aren’t confident and choose to learn that new skill.
If you’re a Commbank customer, and you regularly withdraw cash over-the-counter – ask your local branch teller for a fee waiver or call CommBank to discuss your options.
If you are a regular over-the-counter customer and request a fee-waiver but are denied, we would encourage you to make a complaint to CommBank so they can investigate that specific decision and reconsider if their staff made the correct initial decision.
