42% bank customers never use an ATM in a typical week
Article by Mozo
The use of ATM machines has been slowing down over time reveals a new survey. The proportion of bank customers who don’t withdraw cash from a machine in a typical week has doubled up in the last five years.
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The numbers from the study by consultancy RFi, show that 42% of customers never use a machine in a usual week, compared with just 20% five years ago, reported Brisbane Times.
There has also been an overall decline in the total number of monthly withdrawals from ATMs with the figures touching their lowest level in a decade earlier this year at less than 60 million transactions, shows Reserve Bank data.
One of the factors resulting in this dip in ATM usage is that more consumers are embracing digital payment methods, including contactless payments through a credit card, instead of using cash.
Apart from the growing digital trends, Dutch bank ING Direct, which supplied the RFi figures and is targeting ATM fee-conscious consumers, also notes that ATM fees are acting as another deterrent to taking out cash from a machine.
Banks generally charge a fee between $2 and $2.50 to customers of other banks when they withdraw cash from an ATM. A study from Mozo last year showed that these extra charges had been creeping up in the last few years.
ING's executive director, customer, John Arnott, said customers were becoming more conscious of the cost of ATM fees, and this was also contributing to the decline in the ATM, alongside technological advances.
"Australians are becoming increasingly dissatisfied with bank fees and ATM fees are top of the list," Mr Arnott said.