Big four move means a farewell to fees at 10,000 Australian ATMs
Monday 25 September 2017
A weekend blitz from the big four banks may have just opened up the way Australians bank, with the Commonwealth Bank, ANZ, Westpac and NAB all announcing that they will cease charging $2 ATM fees for withdrawals from customers of rival banks.
The move from the big four is likely to save customers hundreds of millions of dollars in fees each year, with figures from the RBA showing that Australians made over 250 million cash withdrawals from ‘foreign’ ATMs in the 2016/17 financial year alone.
The Commonwealth Bank, who was first to announce the shift away from fees, will make its network of 3,400 ATMs across Australia free for anyone to use, though BankWest outlets will be excluded from the changes.
“Australians have complained for some time about being charged fees for using another bank’s ATM,” said Matt Comyn, Group Executive of Retail Banking Services at the Commonwealth Bank.
“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.”
ANZ also announced its decision to eliminate $2 fees from around 2,300 ATMs across the country, with the move expected to come into effect early next month.
Cash withdrawals from almost 3,000 Westpac Group ATMs, which includes St.George, Bank of Melbourne and BankSA ATMs, will also also become free for all customers, as will the 1,342 ATMs owned by NAB (though it’s currently unknown whether NAB-affiliated rediATMs will be included).
While the changes will likely provide added convenience for many Australians, both the Commonwealth Bank and Westpac have noted that customers using overseas cards will still be charged a fee.
Want to join other Australians in ditching banking fees altogether? Head on over to the Mozo banking hub to compare a top range of fee-free bank accounts.