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Letter to the Daily Telegraph in response to a published letter on improved banking services

31 January 2006

Dear Sir

A Letter to the Editor published in this morning’s edition raises a number of issues about changes in banking over the years. I would like to clarify the position of the Commonwealth Bank to the author and your readers.

The Commonwealth Bank aims to provide all Australians with affordable and accessible banking services. To achieve this, it offers a comprehensive range of products and maintains the largest branch, agency, ATM and EFTPOS networks in Australia, supported by leading internet and telephone banking facilities.

In regard to the comments on the introduction of fees, the author fails to take into account the deregulation of the banking industry, which has benefited many millions of home loan borrowers as a result of the compression of interest rate margins by around 2 to 2.5 per cent over that period. For Commonwealth Bank customers, on the asset base of the organisation today, this margin reduction equates to around $6 billion. Fees collected on retail accounts over the same period equate to around $400 million. As your readers can see, Commonwealth Bank customers have benefited by over $5.5 billion.

I would appreciate you clarifying the position to your readers.

Yours sincerely

Bryan Fitzgerald
General Manager, Media and Issues Management
Communication, Community and Reputation