Business and Finance Business and Finance
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Commonwealth bank announces major changes to everyday accounts and additional cash withdrawal fees

Commonwealth bank announces major changes to everyday accounts and additional cash withdrawal fees


Published on 2024-12-03 01:31:02 - Bill Williamson, WOPRAI
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  • Commonwealth bank customers will now be subject to a $3 fee when withdrawing their cash with major new changes approaching in the new year. Customers of Commonwealth Bank Australia will now be subject to a $3 fee when simply withdrawing cash.

The Commonwealth Bank of Australia (CBA) has announced significant changes to its everyday banking accounts and introduced new fees for additional cash withdrawals. Starting from November 1, 2023, CBA will implement a $2 fee for each additional cash withdrawal beyond the first free one per month from ATMs not owned by CBA or its partners. This change aims to encourage customers to use digital payment methods. Additionally, CBA is revising its account offerings by introducing a new Youthsaver account for children under 18, which will offer bonus interest for regular savings. The bank is also simplifying its product lineup by merging several accounts into a single, streamlined account called the "Everyday Account," which will come with no monthly account fees, free transactions, and access to digital banking tools. These changes reflect CBA's strategy to adapt to evolving customer behaviors and preferences towards digital banking while managing operational costs.

Read the Full Sky News Australia Article at:
[ https://www.skynews.com.au/business/finance/commonwealth-bank-announces-major-changes-to-everyday-accounts-and-additional-cash-withdrawal-fees/news-story/453ee129666536bb4a2559a2a79da47d ]
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