Ezy Banking Account available for all Australians

16 May 2002

The Commonwealth Bank Group and Woolworths Limited today confirmed that their Ezy Action Account meets the basic banking benchmarks of the Australian Bankers Association and is available to all Australians.

Mr John Mulcahy, Commonwealth Bank Group's Head of Australian Financial Services said, "The Ezy Action Account meets the requirements of these accounts, and in some cases exceeds them, for instance in offering 55 free withdrawals per month. Most importantly, this account is available to all Australians. I know of no other national banking offer which is so firmly aimed at actively growing customer numbers from all sections of the Australian community, regardless of their financial circumstances.

Mr Mulcahy said that the Woolworths Ezy Banking Ezy Action Account will be enhanced for rural customers.

"In line with the Commonwealth Bank's participation in the Australian Bankers' Association benchmarks, additional services will be offered to customers in designated rural areas. Woolworths Ezy Banking customers in these areas who fulfil the eligibility criteria for a basic banking account will be able to access an additional three fee-free transactions per month in designated Commonwealth Bank Group branches by mid-year," Mr Mulcahy said.

The Commonwealth Bank and Woolworths plan to extend education for existing and new customers on the full range of benefits associated with Ezy Banking.

Mr Mulcahy said, "We will continue to focus on explaining the full benefits associated with Woolworths Ezy Banking to our customers, by use of in-store banking staff, our Call Centre, the internet site, and other education programs."

Woolworths' Chief Financial Officer, Mr Bill Wavish said, "Ezy Banking offers all the benefits of traditional bank accounts and more. It is the only everyday personal banking account customers need and I am delighted to note that increasing numbers of Australians are appreciating the benefits and convenience Woolworths Ezy Banking provides. Since launch we have signed up more than 350,000 account holders."

Ezy Banking Account Available To All Australians

The main features of the Ezy Action Account are:

  • no account keeping fees;
  • 50 free face-to-face withdrawals a month in Woolworths group stores1; a further five free withdrawals a month outside Woolworths group stores, including Commonwealth Bank Group ATMs and EFTPOS;
  • the financial security associated with any Commonwealth Bank product;
  • the security and convenience that comes from transacting in Woolworths stores, which are open at least twice as long as bank branches;
  • specially trained Ezy Banking staff in Woolworths and BIG W stores;
  • dedicated and specially trained staff available by telephone 24 hours a day, 7 days a week via 13 72 88.

Woolworths Ezy Banking is a joint initiative of Woolworths Limited and the Commonwealth Bank Group.