RBA soothes credit card charge fears

Tuesday 24 February 2009

Article by Mozo

The Reserve Bank of Australia (RBA) has insisted that the new rules governing charges for using your credit card in an ATM not owned by your own bank will increase competition.

In a statement, the RBA announced that many small ATM providers have already struck deals with the Big Four to allow them to offer a fee-free service.

So too, it reckons that forcing banks to display the charges that will be imposed for taking out cash on a credit card on screen will serve to increase competition.

“As is the case currently, most banks will not charge their customers for use of their own ATMs,” the Reserve Board claims.

The Reserve Bank’s soothing words come after many spectators warned that credit card users in rural areas where ATMS are likely to be few and far between are likely to get stung by hefty charges.

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