In a joint initiative National Australia Bank (NAB) and Cuscal have today entered into an agreement to create an ATM network of more than 3,100 Automatic Teller Machines (ATMs).
Under the agreement, NAB's 1,700 ATM fleet will combine with the Cuscal-managed 1,400 rediATM sub-network of more than 100 participating retail financial institutions, to create one of the largest ATM networks in Australia. All NAB-owned ATMs will carry the NAB logo and all ATMs within the combined network will display the rediATM logo.
Approximately seven million Australians will have dramatically improved access to ATM banking free of direct charge, once regulatory approvals have been received.
Based on recent usage, bringing together the two networks will save each other's customers more than $10 million in ATM direct charges annually.
"For seven million Australians, rediATM means 'direct charge free banking'," said Cuscal's Managing Director, Craig Kennedy. "And with even the smallest rediATM participant able to offer a market leading ATM network, we are bolstering competition in retail banking.
"Our cardholders will be smiling all the way to the ATM," said Kennedy.
NAB Personal Banking's Group Executive, Lisa Gray, said customers would have greater opportunities to access their finances once the agreement took effect.
"The combined NAB and rediATM network will be one of the largest in Australia. ATMs will be found on high streets, in shopping centres and in many rural and regional locations - giving customers 24/7 access to their money, direct charge free.
"As we stated in our strategy update in March, Personal Banking is an area where NAB will continue to invest. This deal demonstrates that commitment and provides customers with greater choice and fair value for services," Ms Gray said.
This solution will be available to customers once all regulatory approvals have been finalised. We anticipate this will happen over the next few months.