Letter to Daily Telegraph re incorrect reporting of EFTPOS transaction fee

19 July 2005

I refer to your editorial in today’s edition which suggested that a fee of 30c applies to the first 15 transactions in a month, and then rises to 50c. This is not true. The first 15 transactions continue not to attract the fee. The change only relates to an increase in the EFTPOS transaction fee from 30c to 50c once a customer exceeds 15 transactions in a month.

We remain committed to being the most convenient and accessible bank in Australia, with the largest branch, ATM, and EFTPOS networks, and access to call centre staff 24 hours a day, 7 days a week.

In maintaining a network of this size, we always look to efficiency gains to offset normal cost increases. This is not always possible and so from time to time we need to pass on some cost increases to ensure the continued sustainability of our network. This is the first such fee change since 2002 and brings us into line with competitors.

Yours sincerely

Hugh Harley

Head of Retail Banking Services

Commonwealth Bank