Banks turn to RediATM network
Wednesday July 22, 2009
In a smart response to bank customers growing resentment over ATM fees, the National Australian Bank has announced that it can now provide an additional 3,100 cash machines for its customers use at no extra charge that are part of the Cuscal's redi ATM network. The two financial lenders have linked to offer a large range of available ATMs for NAB customers use and customers of RediATM network members.
This adds to the National Australian Bank ATM collection of 1,700 ATMs with plans announced to add more to their own network, started with a rollout of 100 machines in the next few months with the dual rollout between Cuscal and NAB to see one third of their ATMs sent to non-metropolitan locations.
Cuscal has reported steady growth acting as the scheme administrator for 50 ATM owners that are already established within the RediATM network. Operating within this network are AMP Banks and the majority of building societies and credit unions.
The NAB move, and those of AMP Bank earlier in the year, comes after a new fee system was introduced to foreign ATM transactions that have seen customers complaints rise with fees being as high as $2.20 per transaction.
Currently, NAB charge $1.50 foreign ATM charge with Cuscal placing a $2 cap on foreign charges for ATM transactions.
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