Commonwealth Bank will move about 1.5 million eligible Australians to its fee-free Streamline Basic account following tougher conditions imposed by the competition regulator. The change will mainly affect pensioners, concession-card holders and people receiving qualifying government benefits who currently use other CBA transaction accounts.
CBA has also paused plans for an Essentials Account that would have charged concession customers a nominal $1 monthly fee. The decision follows an Australian Competition and Consumer Commission determination requiring banks to proactively identify eligible customers and transfer suitable accounts unless customers opt out.
Who qualifies for Streamline Basic?
The account is available to customers holding a Commonwealth Seniors Health Card, Pensioner Concession Card or Health Care Card. People receiving an Australian government benefit that makes them eligible for one of those cards may also qualify.
CBA requires the government benefit to be deposited into a CommBank account. The minimum regulatory definition applies to individual customers rather than businesses, although banks may offer broader eligibility.
When will customers be moved?
The ACCC issued its final determination on July 27, 2026. Banks must complete their initial migration programs within 12 months unless another period is approved, placing the expected deadline around July 27, 2027.
CBA has not published a customer-by-customer schedule. Affected customers should receive advance communication and will be allowed to opt out. Banks must repeat the identification and migration process annually.
Will every eligible customer be transferred?
Some customers may be excluded where migration could remove a useful account feature. Exceptions may cover people with multiple transaction accounts, interest-bearing accounts, passbooks, recently used cheque facilities, home-loan offsets, multi-currency services or requested overdrafts.
An exclusion may also apply to certain joint accounts or customers who previously rejected a migration. Banks must still contact potentially eligible customers and explain the lower-cost alternatives available.
What fees and features does the account have?
Streamline Basic has no monthly account fee, overdraw fee or dishonour fee. It provides unlimited eligible domestic electronic and assisted withdrawals, BPAY, direct debits, PayTo and Debit Mastercard access.
The account does not earn interest and generally excludes formal overdrafts and cheque-book access. Charges may still apply to overseas ATM use, currency conversions, international transfers and separate banking services.
Customers can review the current conditions on the official Commonwealth Bank Streamline Basic account page.
Why did regulators intervene?
CBA had argued that existing customers should move to basic accounts on an opt-in basis, saying concession customers have different banking needs. Regulators found that this approach placed too much responsibility on people who might not know a cheaper account was available.
ASIC identified more than 150,000 low-income customers who remained in higher-fee accounts despite qualifying for basic alternatives. They paid approximately $6 million in fees over 12 months, mainly through dishonour and overdraw charges.
The ACCC determined that automatic migration with an opt-out option would offer stronger protection while preserving customer choice. The authorisation remains in force until November 30, 2031.
How large was CBA’s fee problem?
ASIC found CBA and Bankwest charged approximately $270 million in account-keeping, dishonour and overdraw fees to about 2.2 million low-income customers between July 2019 and October 2024.
CBA initially highlighted the additional features attached to some higher-fee accounts and did not immediately make the same broad refund commitment as several other banks. It later reversed that position.
The change comes as households look for other ways to reduce essential costs, including the Victoria registration rebate for eligible motorists and Western Australia’s $150 Treebate support program.
Read More:
Does the migration include a refund?
No. Migration is intended to prevent future charges, while refunds apply to customers who previously incurred unusually high fees. Someone may qualify for Streamline Basic without being entitled to a refund.
In December 2025, CBA announced approximately $68 million in additional goodwill payments for relevant concession customers. Together with about $25 million previously paid following an earlier ASIC review, CBA’s total payments were expected to reach approximately $93 million.
CBA said eligible customers would be contacted and would not need to submit a general application. Refund amounts depend on the fees charged and individual circumstances.
What should customers do now?
CBA has not confirmed whether every transferred customer will retain the same account number, debit card and payment arrangements. Customers should check their migration notice for any effect on direct debits, Centrelink deposits, salary payments, PayTo agreements and scheduled transfers.
Anyone using an offset, overdraft, cheque or interest-bearing feature should compare the replacement account before accepting the move. Customers can also contact CBA without waiting for automatic migration and should verify unexpected refund messages through the CommBank app, NetBank or an official bank number.
Make Swikblog your go-to source on Google for reliable updates, smart insights, and daily trends.
