ATM fee ban would be wrong, says CBA
Article by Mozo
The Commonwealth Bank (CBA) has warned that a proposed ban on ATM fees would take Australia down a "slippery slope" and result in a policy akin to those seen in the Soviet Union.
Speaking as the bank announced a quarterly cash profit of $1.6 billion yesterday (November 15th), CBA boss Ralph Norris suggested ATMs would become a "cost burden" if banks were unable to charge non-customers for using them.
He also claimed the measure would penalise businesses who invested in ATM networks by interfering with their property rights.
"It's very easy to give away somebody else's property. This sort of stuff we've seen in Eastern countries prior to the fall of the Iron Curtain, when people's property rights were abrogated," said Sir Ralph.
"I think you're getting on to a very slippery slope when politicians start talking about mandating against those fees."
Consumers aiming to better manage their personal finances can choose to compare debit cards and other money products in search of the best deals. The Greens are among those to have called for Australia to ban banks from charging ATM fees.
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