After four decades as a Commonwealth Bank customer, Trevor Vienet is changing banks.
That is because CBA has wound up its association with the Qantas Frequent Flyer program in preparation for the upcoming changes to credit and debit surcharges announced by the Reserve Bank of Australia.
It is the lesser-known side effect of the changes that begin on October 1 because banks’ revenue will drop as they reduce the amount they charge businesses to bank with them.
The Commonwealth Bank has introduced a new in-house rewards system called Yello, which Mr Vienet is not eligible for.
After decades with the Commonwealth Bank, Trevor Viénet is moving much of his banking elsewhere. (ABC News: Matthew Holmes)
“The [CBA] letter was, I’d call it a Dear John letter. It’s like: ‘You’ve had a long relationship, but it’s all over,'” he said.
From Thursday, businesses will be banned from adding a surcharge…
