The Commonwealth Bank's initial plan was to transition customers with a "Complete Access" bank account to a "Smart Access account" starting from January 6 next year. The motivation behind this change was to replace the older account with a newer transaction account as part of reviewing the bank's everyday account offerings. However, the fee discrepancy between the two accounts, specifically the introduction of a $3 assisted withdrawal fee for customers with a Smart Access account, sparked outrage among customers who previously enjoyed free in-person cash withdrawals.
The bank, facing criticism and pressure from both customers and the government, ultimately decided to pause the migration process for 10% of its customer base who were using the assisted fee withdrawal service or would be negatively impacted by the changes. The remaining 90% of customers on a Complete Access account were informed that transitioning to a Smart Access account would actually put them in a better financial position, with a lower monthly account fee of $4 compared to $6. The bank explained that this fee could be waived under certain conditions, such as making regular monthly deposits of $2,000 or being a pensioner.
While the Commonwealth Bank emphasized that this change only affected a small number of customers who still held a Complete Access account, the move to charge a withdrawal fee raised concerns among both customers and financial sector unions. The bank, under scrutiny for its decision, clarified that the pause in migration was not a backflip to prevent customers from leaving, but rather an acknowledgment of the need for better communication and an individualized approach to account transitions. The bank faced criticism for what was termed a "partial backflip" by the Finance Sector Union, which deemed the move offensive and questioned the bank's genuineness in addressing the issue of fees.