ATM fee warning saves Aussies $125m

Monday 15 February 2010

Article by Mozo

ATM alerts that warn customers about the fees incurred for withdrawing cash have helped to save Australians $125 million, it has been revealed.

Research by the Daily Telegraph found that since March last year, when all ATM owners were officially obliged to reveal fees before transactions, consumers made 280 million withdrawals during the rest of the year compared to 342.2 million during the same period in 2008.

People are usually charged $2 for taking money from an ATM that is not owned by their bank. While general ATM use declined, the rate of growth in own-bank ATM use doubled to more than 10 per cent, the newspaper noted.

This meant that last year, customers made nearly 40 million extra withdrawals from ATMs at their own banks to avoid fees.

Last week, Reserve Bank figures showed that the total value of credit and charge card transactions rose by ten per cent in December last year, making it more likely that Aussies will compare credit cards as spending confidence returns.

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