Crashing Cash with Rising Fees By Paul Walker
It seems each passing day, another slash is added to the already bleeding body of cash, metaphorically speaking, with the continuation of this being the death by a thousand cuts. Thus, the Commonwealth Bank (CBA) is raising fees for small business owners depositing money into their accounts, because their big argument is that they spending around $ 400 million a year on transaction fees. So, will we need to have a chook raffle for the Commonwealth Bank? Not likely as the bank posted a record profit of $ 10.2 billion this year:
The over three hundred percent increase in quick cash bags is a big hit to small business. I personally would go elsewhere, from bank to bank, until there are none to go to. Hopefully there will be some resistance from the population by then.
“Commonwealth Bank (CBA) is hiking fees for small business owners depositing money into their account as its CEO reveals supporting cash transactions costs $400 million a year.
Business Transaction Account holders received a letter advising a $3 charge for depositing quick cash bags would increase to $10 from October 1.
Being assisted by a staff member to deposit or withdraw cash and cheques will also cost customers $5 instead of $3, and that includes if you are at a branch, a post office or over the phone if you speak to an operator.
“We know some of your customers will always prefer paying in cash and we’ll continue to support you with those services,” a letter sighted by Yahoo Finance reads.
“Our branch staff are very happy to show you how to use our deposit ATMs.”
Cash advocates, such as Jason Bryce from the Cash Welcome campaign, have critcised the move.
"This fee is a heavy impost for the thousands of small businesses already dealing with tough economic times,” Bryce said.
"The majority of Australians want the right to use cash to pay for goods and services. Our banks need to support us to use our own money how we choose.”
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