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Tuesday 24 April 2018

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Australian banks scrap ATM withdrawal fees

Written by Anthony Strzalek
26/09/2017

Four of Australia’s largest banks have removed ATM withdrawal fees for non-customers, meaning users now will not be charged when taking cash out of thousands of machines across the country.

Commonwealth Bank was the first to announce that it would be removing the fees for both its customers and non-customers. Westpac, National Australia Bank and ANZ quickly followed suit.

RBA data shows that Australians made more than 250 million ATM withdrawals from banks other than their own last year so the move is designed to increase convenience and bring savings.

Matt Comyn, group executive of retail banking services, at Commonwealth Bank, said: “Australians have complained for some time about being charged fees for using another bank’s ATM.

“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. This is one of the steps we’re taking to make that happen.”



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