Australia’s largest bank, Commonwealth Bank of Australia (CBA), is under fire for failing to inform regulators about its new cash access fees. The policy, which imposes a $2 charge for non-CBA customers withdrawing from its ATMs, was introduced without the required notification to financial regulators. This lapse has sparked concerns about transparency and compliance within one of the country’s leading financial institutions.
Regulators reportedly learned about the fee only after public outcry, raising questions about oversight and governance at the bank. Critics argue that CBA’s failure to disclose the fee change undermines trust in the banking sector, especially as consumers face increasing cost-of-living pressures. The bank has yet to issue a comprehensive response to the controversy, leaving its regulatory compliance practices under intense scrutiny.
