Bendigo Bank has quietly introduced a fee for customers wanting to withdraw money from branches.
The country’s sixth biggest bank will charge $2.50 for over-the-counter branch withdrawals.
The bank is justifying the fee as meeting the ‘needs of our customers’ and is describing it as a ‘staff-assisted service fee’.
It comes after the Commonwealth Bank sparked a nationwide uproar for introducing a similar $3 fee late last year – a change the bank later announced it would ‘pause’.
‘On 1 November 2024, Bendigo Bank introduced some changes to its fees and charges in order to meet the evolving needs of our customers and deliver on our vision to be Australia’s bank of choice,’ Bendigo Bank said in a statement.
‘Bendigo Bank removed the monthly service fee of $6 on Bendigo Everyday Accounts and at the same time, introduced a staff assisted service fee of $2.50 for cash withdrawals completed over the counter in our branches.’
‘Importantly, these changes will result in a net reduction in fees paid by our customers. In recognising that some customers may incur an increase in fees, our team members are standing by to help with alternative options and we encourage those customers to speak with us.’
Mark Levy slammed the move on air on 2GB.
Bendigo Bank confirmed it introduced an over-the-counter service fee for customers
‘We all kicked up a stink about Commonwealth Bank last year, the fact that they were charging you $2.50 to access your money, well there you go, Bendigo [Bank] is doing the same thing,’ he said.
‘It’s all well and good for them to spin it and say “oh, well we’ve reduced our monthly service fee, there’s going to be a net decrease in what our customers are paying,” but you’re still charging people $2.50 per transaction to walk into a Bendigo Bank and get your own money out.
‘How is that fair? How is that fair? Out of all the businesses in Australia to cry poor, it can’t be the banks.’
The bank argued other fee reductions would mean their customers are paying less across the board in their statement.
‘For transactions conducted at the Post Office, Bank@Post fees were also reduced from $4 to $2.50. Cash withdrawals from Bendigo Bank’s ATM network continue to be free of charge for all of our customers,’ it detailed.
‘Our customers that are concession card holders can continue to make withdrawals, deposits and balance enquiries free of charge at our branches or Bank@Post as normal.’
Early in December last year, the Commonwealth Bank backflipped on a $2.50 ATM fee it had introduced for their customers, after widespread outrage over the move.
Group executive of retail banking Angus Sullivan fronted the press to say the bank would ‘pause’ the new charge but not abandon it.
He said the change was ‘based on us listening to our customers and making sure that we do the best that we can by them’ at the time.
‘As I mentioned, we feel we didn’t get the communication right on this.’
