Group Executive Retail Banking Services Angus Sullivan provides an update on some recently communicated changes relating to a legacy transaction account.
“We have done a poor job of communicating this change to our customers. We are particularly conscious of the impact any change to planned fees and charges can have at this time of year especially given the cost of living pressures our customers face.
The changes taking place are such that the approximately 90 percent of customers we intend to move, and who we expect will be better off or the same, will be moved to the lower monthly fee account. If those customers don’t want to move, they can contact us to discuss their options. For the remaining customers we are changing our approach and we are pausing the migration. Instead, we will contact these customers over the next six months to discuss the most appropriate product for them given their needs.
The changes outlined above do not affect approximately 9 million CommBank customers who are not on the Complete Access product.
Commonwealth Bank maintains the largest branch network. Each of our branches has fee free ATMs and we have a moratorium on regional branch closures until at least the end of 2026."
