Bendigo Bank has quietly introduced a fee for customers wanting to withdraw money from branches.
The sixth largest bank in the country will charge $2.50 for withdrawals at branches without a window.
The bank justifies the fee as meeting “the changing needs of our customers” and describes it as a “fee for staff-assisted service.”
It comes after the Commonwealth Bank caused an uproar across the country by 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 to meet the changing needs of our customers and deliver on our vision of being Australia’s bank of choice,” Bendigo Bank said in a statement.
‘Bendigo Bank has removed the $6 monthly service fee on Bendigo Everyday Accounts and, at the same time, introduced a $2.50 staff-assisted service fee for over-the-counter cash withdrawals in our branches.’
‘Importantly, these changes will result in a net reduction in the rates paid by our customers. Recognizing that some customers may incur increased rates, our team members are ready to assist with alternative options and we encourage those customers to speak with us.”
Mark Levy criticized the measure on air 2GB.
Bendigo Bank confirmed it has introduced an over-the-counter service fee for customers
“We all made a fuss about the 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 very well for them to turn it around and say, ‘Oh, well, we’ve reduced our monthly service fee, there will be a net decrease in what our customers pay,’ but they’re still charging people $2.50 per transaction.” to walk into a Bendigo bank and withdraw your own money.
‘How is that fair? How is that fair? Of all the businesses in Australia that are considered poor, it can’t be the banks.”
The bank argued in its statement that further fee reductions would mean its customers would pay less across the board.
‘For transactions made at the Post Office, Bank@Post fees were also reduced from $4 to $2.50. Cash withdrawals from Bendigo Bank’s ATM network remain free for all our customers,’ he detailed.
“Our Concession Card holder customers can continue to make free withdrawals, deposits and balance inquiries at our branches or at Bank@Post as normal.”
In early December last year, the Commonwealth Bank suspended a $2.50 ATM fee it had introduced for its customers, after widespread outrage over the move.
The retail banking group’s executive, Angus Sullivan, spoke to the press to say the bank would “stop” the change.
He said the change was “based on us listening to our customers and making sure we do the best we can for them” at the time.
“As I mentioned, we feel like we didn’t have the right communication about this.”