Latest ATM bank fees commence today
Tuesday March 3, 2009
Australian bank fees for ATMs will change today for a majority of financial institutions as the Reserve Bank's latest rules commence. Last month the Reserve Bank announced that it will cut out any charges between banks when customers use different bank ATMs to their own lender.
Yet this cutting of fees between bank lenders has opened the door for a bank, credit union or building society to charge their own fees on their customers, with conditions set that any charges must be displayed to the customer before any withdrawals are completed.
Presently, the maximum cost to a bank for the electronically processing transaction from another bank ATM is approximately 10 cents while costing 75 cents per ATM transaction.
The Commonwealth Bank and ANZ Bank have announced they won't be charging customers any new fees with offers of free use of other ATMs. However, ANZ bank will still be charging $2 to non-ANZ customers using their ATMs. Meanwhile all 115 building societies and credit unions announced they will no longer charge $2 fees and offer free access to all ATMs.
National Australia Bank stating they will charge customers an additional 50 cent fee when using another bank or credit union ATM while St George and Westpac will charge 25 cents.*
Where fees are expected to hit hardest are with the approximately 60% independently-owned ATMs across Australia, particularly those where competition between ATMs is minimal such as rural areas, inside venues and closed events such as sporting grounds. These ATMs are expected to continue to charge $2 ATM fees as bank institutions will be unable to curb any fees that may be attached.
* rates and conditions correct as at this date but subject to change at anytime
