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.