Banks failing to display cash advance fees on credit cards
Banks are failing to display cash advance fees on credit cards to ATM users, a new study has found.
All banks surveyed by Your Money confirmed that they do not display the fees, News Limited reported.
While Reserve Bank rules state that banks must display cash withdrawal fees, there is no regulation relating to the disclosure of cash advance fees on credit cards at ATMs.
NAB spokeswoman Gillian Griffiths said that the bank is working on the issue and plans to display charges "as soon as possible". The move could encourage Australians to compare credit cards, particularly as other banks seem less committed to making the change.
ANZ spokesman Kevin Foley said that while charges for cash advances are not disclosed at ATMs, they are presented in monthly statements, and in the bank’s tariff of fees and charges. He did not comment on whether ANZ would look to introduce screen-displayed charges.
The report comes after research by Australia Institute claimed that Australian families are being hit with excessive bank fees that amount to more than $50 a week.
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