Commonwealth Bank to Reduce Fees for Low-Income and Disabled Customers

The Commonwealth Bank has announced it will adjust its fee structure to benefit low-income and disabled customers, in response to the Prices Surveillance Authority's report on bank fees and charges. This move comes after the bank faced criticism for increasing fees shortly after the report's release. The bank's managing director, Mr. David Murray, stated that the bank is developing a basic banking product that will be more attractive to customers with low balances and that account-keeping fees for dormant accounts will be scrapped.

Key Takeaways:

• The Commonwealth Bank will reduce fees on various accounts to benefit older, disabled, and low-income customers, in response to the Prices Surveillance Authority's report.
• The bank will develop a basic banking product that should be more appealing to customers with low balances.
• Account-keeping fees for dormant accounts will be waived, and over-the-counter fees will be waived for disabled customers.
• Exemptions for aged and war veteran customers will be extended.
• The bank will educate customers on the convenience of using electronic facilities.
• The Commonwealth Bank's submission to the Treasurer, Mr. Willis, will detail its plans to reduce fees.
• Up to six of the 17 banks Mr. Willis wrote to have so far made formal responses to the authority's report.
• The four major banks, including the Commonwealth Bank, are yet to submit formal responses.

Statistics:

• The Commonwealth Bank will develop a basic banking product aimed at low-income customers.
• Account-keeping fees for dormant accounts will be scrapped.
• Over-the-counter fees will be waived for disabled customers.
• Exemptions for aged and war veteran customers will be extended.

Sources:

• "Commonwealth Bank to reduce fees for low-income and disabled customers" by DAVID McKENZIE, Canberra.
• The report by the Prices Surveillance Authority on bank fees and charges.