Bendigo Bank introduces $2.50 fee to withdraw your own money

Bendigo Bank has quietly introduced a fee for customers who want to withdraw money from branches.

The nation’s sixth-largest bank will charge $2.50 for over-the-counter withdrawals at branches.

The bank justifies the fee as meeting “the changing needs of our customers” and describes it as a “staff-supported service fee.”

It comes after the Commonwealth Bank caused a national uproar for introducing a similar $3 fee late last year – a change the bank later announced it would be ‘pausing’.

“On November 1, 2024, Bendigo Bank made some changes to its fees and charges to meet the changing needs of our customers and achieve our vision of being Australia’s bank of choice,” Bendigo Bank said in a statement.

“Bendigo Bank has abolished the $6 monthly service charge on Bendigo Everyday Accounts while introducing a $2.50 staff-assisted service charge for cash withdrawals made over the counter in our branches.”

‘Importantly, these changes will result in a net reduction in the fees our customers pay. Recognizing that some customers may experience an increase in costs, our team members are ready to assist with alternative options and we encourage those customers to speak to us.”

Mark Levy punched the move 2GB.

“We all raised a stink about the Commonwealth Bank last year, the fact that they charged you $2.50 to access your money, well here you go, Bendigo [Bank] does the same,” he said.

‘It’s all well and good if they spin it around and say, “Oh, we’ve reduced our monthly service fees, there will be a net decrease in what our customers pay,” but you’re still charging people $2.50 per transaction to walk into a Bendigo Bank and take your own money out.

‘How is that fair? How is that fair? Of all the companies in Australia that are poor, it can’t be the banks.’

The bank argued in their statement that other rate cuts would mean their customers would pay less across the board.

‘For transactions carried out 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,” the report said.

‘Our customers who are Concession Card holders can continue to make free withdrawals, deposits and balance inquiries as normal at our branches or at Bank@Post.’

In early December last year, the Commonwealth Bank backtracked on a $2.50 ATM fee it had introduced for its customers, following widespread outrage over the move.

Angus Sullivan, director of the retail banking group, faced the press and said the bank would “pause” the change.

He said the change was “based on us listening to our customers and making sure we were doing the best for them at the time.”

“As I said, we feel like we haven’t communicated well about this.”