Letter to Daily Telegraph clarifying Bank's position regarding internet banking fees

31 October 2005

The Commonwealth Bank sent the following Letter to the Editor of the Daily Telegraph to clarify the Bank's position and provide Telegraph readers with information on the Bank's internet banking service


Dear Sir

I refer to an article that appeared in your edition on Saturday 29 October 2005 under the headline "Internet bank fee spooks punters" and provide the following information on the Commonwealth Bank’s internet banking service:

  • 94% of the Bank’s customers who use internet banking pay no fees for their NetBank usage.
  • The most commonly used and popular banking transaction services completed over the internet remain fee free. The Bank does not charge fees for checking balances and transaction records, same day transfers between linked accounts and same day payment of bills.
  • Fees for specific specialised services available on internet banking reflect the cost of providing the service to customers.

Yours sincerely

Bryan Fitzgerald
General Manager