this post was submitted on 04 Dec 2024
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65
Commonwealth Bank pauses plans to charge customers $3 fee to withdraw cash (www.abc.net.au)
submitted 6 months ago by Baku@aussie.zone to c/australia@aussie.zone
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[–] Deceptichum@quokk.au 41 points 6 months ago* (last edited 6 months ago) (2 children)

"We feel that we didn't get the communication right on this, and we want to take a more individual approach," he said.

“We tried sneaking it through, so our next approach will be to personally say fuck you to every customer as we charge you in a few months time once everyone’s moved on.”

What fucking communication is there to get right on being greedy money hungry bastards?

Is the amount they earn on interest from our peasant accounts not enough to cover a few seconds of a teller manually withdrawing their money?

Is the $9.48 billion in net profit you made last financial quarter not enough?

Fuck you CommBank, and fuck you personally CommBank Head of Retail Banking Services, Angus Sullivan for spitting in the faces of Australians.

[–] slazer2au@lemmy.world 20 points 6 months ago (1 children)

we are sorry you understood our intent to gauge you on access to your own money. We will do better in hiding out intent going forward.

[–] Baku@aussie.zone 8 points 6 months ago* (last edited 6 months ago) (1 children)

Wow, a lemmy.world federation instantly?

@nath@aussie.zone are our federation woes finally over? (I saw the announcement, I thought it'd take a while to get back to a place of instant or near instant federation)

[–] maniacalmanicmania@aussie.zone 7 points 6 months ago (1 children)

It may be because Deceptichum is on quokka.au and that instance may not have federation issues with lemmy.world.

[–] Baku@aussie.zone 5 points 6 months ago (1 children)

Oh that's probably what's happening, you're right

I feel like in the past that wasn't a thing though

[–] maniacalmanicmania@aussie.zone 3 points 6 months ago* (last edited 6 months ago)

You could be right in that in some edge cases federation has caught up, assuming that this was an edge case affected by the federation issue and not just something we hadn't observed before.

I crossposted an az post to lw today and I can see some comments and votes on the lw post have not federated back to az yet. I think it's still about ~~5~~ four days out.

Update: Federation with lemmy.world users appears to be four days behind now.

[–] hanrahan@slrpnk.net 1 points 5 months ago

What fucking communication is there to get right on being greedy money hungry bastards?

A cost of cash conversation. Trying to cover the ever increasing cost per traansactiin for the small nunber of cash transactiins and possibly preempt the RBA stopping them milking so much from credit/debit fees where they can recover costs

As to being money hungry we're in a neo liberal, capatilist economic system. They're supposed to be money hungry, it's how we incentivise. If you want more government oversite, or government institutions competing, you'll need to stop voting LNP or ALP and start voting Green. Until then, more of the same. Less competition and more enshitifaction is the only outcome possible as this continues..

[–] metaStatic@kbin.earth 22 points 6 months ago (2 children)

I had a dollarmites account in primary school, I had 20c in it for like 15 years. at some point they switched it to a club Australia account without informing me and tried to charge me a years worth of monthly account keeping fees. I told them to pound sand and close the fucking account and would never do business with them again.

Why anyone is still with a bank is beyond me. Join a credit union.

[–] qyron@sopuli.xyz 4 points 6 months ago (2 children)

Could you explain me the difference between the two, please? The concept of credit union, to my knowledge, doesn't exist in my country.

[–] Baku@aussie.zone 6 points 6 months ago (1 children)

I don't understand it either honestly. But according to a quick google, it mostly boils down to this: banks are run for profit (to shareholders, who then pass along some of that as interest), whereas credit unions are non profits that return all their "profit" to members (which I guess technically no longer makes it profit, but I'm not sure what else to call it)

If your country is Australia, we do indeed have credit unions, People's Choice Credit Union is the one that comes to mind, but I know there are others. I think they're probably like a super minority - I've never met somebody in real life that has banked with a credit union. But some of them are kind of like industry super funds in that you need to be employed in a specific industry to be eligible for an account with them (see: Teachers Mutual Credit Union)

[–] qyron@sopuli.xyz 2 points 6 months ago

Thank you for the explanation.

[–] trk@aussie.zone 2 points 6 months ago

With a bank, they operate to maximise profit for their shareholders (not members / customers).

With a credit union, you buy a share when you open an account which means every member/ customer is also a shareholder. As they run to maximise profit for their own customers, that means decisions and pricing is made that benifits the customer.

The result is cheaper (or no) fees, better interest rates on loans, higher interest rates on savings accounts, and usually way more flexible on things like paying back extra on home loans.

In Australia, Credit Unions (and building societies) are covered by the same government guarantees that Banks are so the old fears of your money not being safe are stupid.

[–] Coreidan@lemmy.world 2 points 6 months ago

Why anyone is still with a bank

It’s not that difficult of a concept. Credit unions have a lot more restrictions than banks. At the end of the day I use a bank because they offer me services that are beneficial.

For example finding an ATM for your credit union is a lot harder than finding an ATM for your bank.

I have both a bank account and a credit union account. They serve different purposes.

I use my bank account for direct deposit and paying bills. My savings is at my credit union.

If I need cash quickly I go to my bank. If I need to stuff money away and not touch it for awhile then it’s my credit union.

[–] Psiczar@aussie.zone 8 points 6 months ago (1 children)

Banking with CBA is like staying with an abusive spouse, they may apologise for hurting you, but they will do it again.

[–] Baku@aussie.zone 3 points 6 months ago

cough when they just kinda forgot people have money, and duplicated every transaction putting most people in horrendous debt for a day

They didn't even really apologise for that. They did on their website, but besides that, I didn't hear shit from them. Not even an apology letter, let alone any form of compensation

[–] MorpheusB@aus.social 4 points 6 months ago (1 children)

@Baku About time they backed off. Our banks most profitable in the world. We the users are doing it tough, and they still reporting record profits. It's why I use a community based bank!

[–] StudChud@aussie.zone 4 points 6 months ago (1 children)

I've used CUA (now Great Southern Bank) for 19 years, and I never want to change. Never had an issue with them, great customer service on the phone and in-person.

I read these stories about these major banks, and I'm thankful I've never migrated banks lol. This is just insane.

$3.00‽ What a rort

[–] Baku@aussie.zone 2 points 6 months ago (1 children)

Good use of the interrobang (such a dirty sounding word), chudsy

Once I turn 18, I'm closing my CommBank account and going to ING. They seem to have the best feature set and terms for my needs. Macquarie and great Southern also came up though

[–] Tregetour@lemdro.id 1 points 5 months ago* (last edited 5 months ago)

A word of warning. Macquarie I fear is this close to forcing use of its app. You can still do OG netbanking via the browser like an adult for now, but their vision of the world is made very clear. I don't know whether it's regulation preventing them from pulling the trigger or just sane voices in their IT department.

I've been meaning to investigate credit union options for a long time now, because listed banks in general are becoming increasingly invasive and restrictive in terms of how you get to access your own livelihood.

[–] indomara@lemmy.world 1 points 5 months ago

We switched to Beyond Bank and love it. App works great, they have no issues with opening multiple transaction or savings accounts on one account so I can have a spare debit card for the kids and two savings accounts.

I have yet to see a fee, though I imagine there are some in certain cases.