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Letter to Australian Financial Review

23 December 2005

The Commonwealth Bank sent the following Letter to the Editor of the Australian Financial Review

 

Dear Sir,

A good cartoon is a good cartoon, no matter where the sting is directed. I feel compelled to note, however, that the cancellation fee that was the subject of yesterday’s letter (AFR, Wednesday 21 December) is designed to cover real costs associated with collecting, checking and cleaning equipment, along with the associated administrative costs of closing accounts and managing disputes that may arise after the facility has been closed. As a cost recovery fee it is, indeed, only partially effective and it has been part of the pricing framework for some time.

Following a review as recently as May 2005, the Banking and Financial Services Ombudsman was satisfied that the application of the fee was appropriate and that the level of the fee was an accurate reflection of costs to the Bank.

As the largest provider of merchant services in Australia, the Commonwealth Bank works hard to ensure that its services are competitive and deliver value to the merchant.

Sincerely,

Stuart Woodward
General Manager
Acquiring and Alliance Management
Working Capital Services
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