As of January 2025, Commonwealth Bank will be closing certain accounts and moving customers to its ‘Smart Access’ accounts.

This change means some CBA customers will face a $3 fee for assisted withdrawals at branches or via phone.

The Motley Fool’s Chief Investment Officer Scott Phillips told Peter Fegan on 4BC Breakfast, ‘if CBA get away with this, give it a month or a month and a half and the other banks will all be doing the same thing too, so now is the time to make our voices heard.

Hear more highlights from Peter Fegan below:

Image: Getty

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