Published: Sun, September 24, 2017
Economy | By Annette Adams

Commonwealth Bank, Westpac and ANZ to axe ATM fees

Commonwealth Bank, Westpac and ANZ to axe ATM fees

Treasurer Scott Morrison has urged Westpac, ANZ and NAB to respond.

"Now, the Commonwealth Bank has finally realised that the game is up and the rort has got to stop, I expect the other big banks to stop rorting their customers with these $2 fees".

A report by the Reserve Bank of Australia past year revealed that Australians are actually using ATMs less because of the rise of EFTPOS and Pay Pass, which make it easy for people to pay without cash exchanging hands.

"We want a competitive banking system and it is my hope that that strong market signal will mean the other banks will follow suit", Morrison said.

That means more than $500 million was withdrawn at an additional fee.

Commonwealth, ANZ and Westpac had all recently made the announcement that they were scrapping the $2 fee.

The Commonwealth Bank has become the first bank to axe $2 fees for customers from other institutions that withdraw money from its ATMs.

"We know ATM fees are one of the most unpopular and while our customers have benefitted from our network of ATMs across the country, this is another example of acting on customer feedback as well as genuine reform from the industry".

"Accessing your money from a bank account is an essential service that should be free for everyone, rather than an inconvenience with a penalty attached, " Mr Godfrey said.

ANZ also announced they would dump ATM fees from October.

Women and young adults are more likely to pay the charge rather than trek to their own bank, according to surveys by financial product comparison websites.

"We have been listening to consumer groups and our customers and understand that there's a need to make changes that benefit all Australians, this is one of the steps we're taking to make that happen", said Matt Comyn, group executive of retail banking services.

From today, users of CBA ATMs will be alerted that withdrawals will be free of charge.

A federal court action was launched in August by the The Australian Transaction Reports and Analysis Centre (AUSTRAC) alleging the bank has breached Australia's anti-money laundering laws.

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