In an era where every penny counts, especially for those of us who have bid farewell to the workforce, introducing new banking fees can feel like a personal affront.

With a heavy heart, we report on the latest development that has left many Australians feeling short-changed: Bendigo Bank has introduced a new $2.50 fee for customers making over-the-counter withdrawals.

This fee, which came into effect on 1 November, has been a hot topic of conversation since it was brought back into the spotlight this Tuesday. It's part of a series of changes by the bank that has left many customers reeling.

Conversely, Bendigo Bank has removed the $6 monthly account fees on Bendigo Everyday Accounts.

This means that customers who primarily withdraw cash from Bendigo Bank ATMs, which remain free, or those who seldom need to withdraw cash might find themselves on the winning side of this change.

The bank's adjustments include a fee reduction for assisted withdrawals made at the Post Office and Bank@Post—from a steep $4 down to $2.50.

Bendigo Bank introduced a $2.50 fee for over-the-counter withdrawals, effective 1 November. Credit: Nils Versemann / iStock

This is a silver lining for customers who frequently use this service, as they will save $1.50 per transaction compared to the previous policy.

A Bendigo Bank spokesperson has stated, 'Importantly, these changes will result in a net reduction in fees paid by our customers.'

They also mentioned that the changes are designed 'to meet the evolving needs of our customers and deliver on our vision to be Australia’s bank of choice.'

There's a glimmer of good news for Concession Card holders, who will be exempt from the new assisted withdrawal fees.

They can continue to make withdrawals, deposits, and balance inquiries free of charge at branches or Bank@Post as usual.

For those who find themselves paying more due to these changes, the bank suggests other options.

'Our team members are standing by to help with alternative options, and we encourage those customers to speak with us,' the spokesperson added.

It's worth noting that Bendigo Bank isn't alone in this move.

Commonwealth Bank Australia (CBA) introduced similar changes, establishing a $3 assisted withdrawal fee while lowering monthly account fees by $2.

CBA exempted certain vulnerable groups from the new fee, including those who deposit at least $2000 a month into their account or are under 30 years old.

However, both banks have faced significant backlash. Politicians and customers alike have criticised the fees, with some calling them 'daylight robbery' and 'greedy.'

Federal Assistant Treasurer Stephen Jones and Housing Minister Clare O’Neil condemned CBA's fees as 'a kick in the guts.'

At the same time, Opposition Finance spokesperson Jane Hume described them as 'ridiculous' and a 'bad move.'

The uproar led CBA to revise its policy, offering alternatives for those negatively affected.

With Bendigo Bank now under the microscope, similar calls for reconsideration are being made.

Jane Hume pointed out that 'vulnerable cohorts would be the most likely to be affected by this change.'

'Cash is legal tender in Australia, and all banks, including Bendigo Bank, have a public interest duty to ensure Australians can access their own money in cash without having to be gouged exorbitant fees,' Hume stated.

'Bendigo Bank should reconsider if this decision is in the best interests of customers.'

Key Takeaways

• Bendigo Bank introduced a $2.50 fee for over-the-counter withdrawals, effective from 1 November.
• The bank removed $6 monthly account fees on Everyday Accounts, which may result in a net reduction of costs for some customers.
• Certain customers, such as those holding Concession Cards, are exempt from the new withdrawal fee.
• The fee introduction has drawn criticism from politicians, with some calling it 'daylight robbery' and suggesting the bank reconsider the change in the interest of customers.

Have you been affected by the new banking fees? How do you manage your withdrawals to avoid extra charges? Share your insights and opinions in the comments below.

 

[kevin2852]

The Banking system in Australia benefits enormously from almost every movement of Government and yet makes alterations to the entire system designed only to improve their bottom line. We quote :-
1. " Unprofitable " branch closures
2. Staff retrenchments and redeployment.
3. Additional charges for all services.
4. Privatisation of all bank services ( private ownership of branch ATM services )
5. Absorption of payment increases as a result of reserve bank increases to Mortgage interest.
6. Massive profits from sales of mortgage default repossessions.
7. Charges applied for ANY use of over the counter cash.
8. Charges applied for coin counting.

As a measure of this theft, take a look at Bank declared annual profits during the 2015 - 2025 period and you will see that only during the Co-Vid lock down, did Bank nett PROFITS drop below 50% PA. This results in a vastly increased ability to leverage funds towards massively profitable overseas loan funding in which a bank, may use it's assets to reinforce ventures made by an overseas bank for a non-cash but transitional benefit.

 

[Free.lander]

A Bendigo Bank spokesperson has stated, 'Importantly, these changes will result in a net reduction in fees paid by our customers.'
What the spokesperson never mention is the fact that it will increase the profit margin by hundreds of millions of dollars. Interest paid on saving accounts is so low that it costs more to print the number
So it is not to the customer 's advantage to have any connection with a bank that spreads misinformation and makes it sounds like they are doing the customers a service
IT is a fee on our money and is not acceptable , at least until the bank starts paying a real interest number on our money that they loan out for absurd interest rates
But remember this people--They are all banks and are all in the same grubby little club that sees our money as theirs and we must pay for the privilege of loaning it to them.
Make you feeling s well known , not to the staff but to the bank managers, board members and attend AGM meetings and demand replacements in management

 

[SueBoon]

Move your savings away from these money grabbing banks you are in charge your not sheep exercise free will

 

[Aussiecris]

As this is a seniors newsletter we should all be on fee free accounts by now, if not get your account switched. These accounts don't charge for over the counter withdrawals.

 

[elaine41]

Since we have to have bank a/cs to have our pension paid into somewhere, if my bank ever started charging me a fee to withdraw my money or "manage" my a/c then I would have no option other than to withdraw 90% (need to leave some for council rates which are direct debited) each fortnight & use cash only everywhere I shop.

 

[riskydave]

Hopefully will result in a reduction of customers as well. These banks are not looking after customers in any way shape or form.

 

[BruceC]

What you conveniently neglected to tell us was that the CBA has put their on hold after consumer backlash!
But I guess that important point doesn’t fit with your scaremongering reporting!

 

[Daibhin]

A surprising notice from my bank told me that I needed to have 30 transactions for the month to avoid getting a fee.

Here I was thinking the less I spend the more I can ^try^ to save then the bank jumps in and takes a bite out of it anyway.

Greed IS NOT good!

 

[Free.lander]

What you conveniently neglected to tell us was that the CBA has put their on hold after consumer backlash!
But I guess that impo point doesn’t fit with your scaremongering reporting!

what scaremongering is that-The fact that after the furor dies down, they will reimpose the fee-The CBA only put it on hold and did not do away with it at all

 

[Macarj]

I have pensioner accounts I pay no charges for ANZ or CBA

 

[Free.lander]

Not yet you don't, but if we all do not get up in anger, you will be in the future

 

[MaccaMan]

I will say it again, and again, and again. Vote with your feet...

 

[Free.lander]

would love to but the sad reality is Banks are banks and they all have the same objective --to rob you blind

 

[Tony@51]

Bendigo Bank is still the best Bank for service and help would not go anywhere else
over the phone or a the bank they are the best

 

[Pam71]

We all need to get together and see a lawyer and then start a challenge to the banks for the use of our money which they use to make ridiculous profits.

 

[Free.lander]

Bendigo Bank is still the best Bank for service and help would not go anywhere else
over the phone or a the bank they are the best

Actually I use Move bank and their rates are inline with lenders rates and as for service over the phone- attentive , helpful, caring, responsive, fast service, will do what you request if it is within their power and nothing is too great that cannot be resolved to both satisfaction.--instant alerts if your bank trends step outside the normal actions

 

[BellaJugar]

The banks that do this are rip-off merchants. It’s our money. How will they justify these charges when you have to go into withdraw cash over the counter whilst waiting for replacement cards due to your card being kept by the atm or having to be replaced due to fraudulent transactions etc? When you you don’t have the card or the card doesn’t work, you have no choice but to withdraw cash over the counter.

 

[afgincome]

These announcements make me so angry, even more so during financial challenging times. I made a change over 10 years ago, and haven't looked back since. I chose ING!

In light of recent developments where some banks have introduced new fees during financially challenging times, exploring alternative banking options that align with your financial goals is prudent. ING offers a range of fee-free banking services designed to provide value and flexibility to its customers. When you are ready to "Vote With Your Feet" Let me know.

Heads Up... ING is currently offering new customers a generous incentive so don't take too long to decide.

 

[Veggiepatch]

Bendigo Bank is still the best Bank for service and help would not go anywhere else
over the phone or a the bank they are the best

Bendigo Bank. The next WORST big bank.

The only bank who closes its branches for lunch from 1.00 pm to 2.00 pm!

The only big bank that charges a $2.50 ATM withdrawal fee for non Bendigo customers, unlike the "Big Four".

The treatment of their bank managers by senior managers is abhorrent. They and their staff are made to feel like third class citizens in the way they are a treated after a critical incident.