Aussie banks scrap ATM fees

Aussie banks scrap ATM fees

Australia's big four banks are ditching the fees they charge non-customers for using their cash machines.

On Sunday, Commonwealth Bank said that it has scrapped the $2 fee it charges non-customers to use its 3400 ATMs. Westpac, National Australia Bank and ANZ quickly scrambled to put out statements saying that they too are removing their fees.

According to Reserve Bank of Australia data, Aussies made more than 250 million ATM withdrawals from banks other than their own last year.

However, with independent ATM operators owning more than half of ATMs, analysts say that removing the fees will only cost the banks about $130 million. In addition, revenues from the fees was liable to shrink as Australians turn their banks on cash in favour of contactless payments.

Matt Comyn, group executive, retail banking services, CBA, says: "We have been listening to consumer groups and our customers and understand that there’s a need to make changes that benefit all Australians, no matter who they bank with."

Comments: (1)

Michael Fuller
Michael Fuller - None - London 26 September, 2017, 20:35Be the first to give this comment the thumbs up 0 likes

Sounds great but it depends on whether the fees have been truly dropped or passed to the card issuer. The latter surpresses competition.