Biggest Australia Bank Nixes Plan to Charge for Cash Withdrawals

Commonwealth Bank of Australia scrapped plans to charge customers a fee to withdraw cash at branches and on the phone within a day of announcing a policy that drew criticism from the government.

Australia’s biggest bank had planned to implement a A$3 ($1.92) “assisted withdrawal fee” when customers took money out at a branch, post office, or by phone for certain accounts.

It’s a rare misstep for the nation’s largest company and led to a discussion between Chief Executive Matt Comyn and Australia’s Treasurer Jim Chalmers. It comes as the country’s big lenders face growing scrutiny for ...