Commonwealth Bank of Australia (CBA) is facing criticism for significantly increasing the fee for business owners depositing cash into their accounts. Customers with a business transaction account will now have to pay a $10 fee for depositing a quick cash bag, up from $3. The fee hike was communicated to customers through a letter sent by the bank. Despite the increased fees, CBA stated that they will continue to support customers who prefer paying in cash.
The decision by CBA to raise business cash deposit fees by 330 percent has been questioned by Jason Bryce, an advocate for the Cash Welcome campaign. He expressed his concerns on LinkedIn, stating that this fee is not for a teller service but rather for dropping the cash bag into a deposit machine, likely after hours. Bryce criticized the bank for imposing higher and higher fees on small businesses instead of meeting their needs. He pointed out that a retailer making a deposit each evening would end up paying $2,500 in deposit fees per year.
The move by CBA has sparked complaints from bank customers on social media. Many expressed their dissatisfaction with the $10 deposit fee for small businesses. Some customers recommended exploring alternative options such as credit unions, building societies, and member-owned banks.
In a related development, Macquarie Bank recently announced that it will stop accepting cash, cheque, and phone payments starting next year. The bank aims to become a digital banking platform exclusively. This decision has received criticism from customers, with concerns raised about the potential introduction of social credit scores. However, Macquarie Bank assured that the majority of its customers already bank digitally and that they would assist the less than one percent still relying on cash to transition to digital payment methods.