I have been informed that the Commonwealth Bank’s Wealth Package fee will no longer been withdrawn from saving accounts.
Instead it will be applied to home loan accounts. This means that it has potential to generate interest for the bank.
I requested that this fee be taken out of my savings account as it has in the past, but the bank refused.
I expressed my dissatisfaction with this and said that it is an attempt by the bank to make money via interest.
I have to contact the bank on the day the fee is applied and deposit the fee amount in the home loan - otherwise it will start generating interest I have to pay.
It does not sound right and I wonder how many customers will be paying the fee plus interest.
I thought the Commonwealth Bank was trying to improve and improve its customer service.