Just when you thought you’d seen the last of ATM fees, NAB has announced that as of 1 January 2019, it will no longer be part of the rediATM network, meaning customers will start paying fees at these ATMs.
There are 3,000 or so rediATMs around Australia, where NAB customers will start paying a $2 fee for withdrawing cash.
"NAB looks set to play the role of The Grinch this Christmas,” quipped Mozo spokesperson, Tom Godfrey.
However, there are still plenty of fee free ATM options for Aussie cash-savvy spenders. Earlier this year, all four big banks - including NAB - scrapped fees at their ATMs.
And if you are ready to say goodbye to ATM fees once and for all, a number of providers in the Mozo database will refund Australian ATM fees for customers. ING even takes it one step further, refunding fees for overseas ATMs up to $2.50 as well.
"With ING, Macquarie and ME Bank happily refunding customers who use private ATMs, if you're sick and tired of these fees it's time to move your money,” said Godfrey.
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But with card payments now more popular than ever, ATM fees may become a thing of the past simply because no one uses cash anymore.
At the Payments Summit in November, RBA Governor Philip Lowe told the Payments Summit, “Around the turn of decade, Australians went to an ATM, on average, around 40 times per year. Today, we go to an ATM around 25 times a year and the downward trend is likely to continue.”
And as we move away from cash, Aussie spenders are packing the plastic instead.
“Today, Australians make, on average, nearly 500 electronic payments a year, up from around 100 per year around the turn of the century,” Lowe said.
And given this growing preference for plastic, there’s unlikely to be any regulatory intervention into banks culling their ATM options.
Tony Richards, Head of Payments Policy Department at the Reserve Bank of Australia flagged in a speech that the RBA would “have an open mind” towards a shrinking ATM network.
He said “policy concerns could arise if there was a significant decline in ATM coverage that made it difficult for people to access cash,” but that “some sensible consolidation of the ATM network could result in a more efficient and sustainable ATM industry.”
So, if you’re getting ready to say goodbye to cash for good, make sure you’re set up with a bank account and debit card with all the payment technology. Check out some options below, or head over to our full debit card comparison table for more.