Aussies shun ATMs to avoid fees

Mozo

Monday 15 March 2010

A growing number of Australians are boycotting ATMs to avoid high fees, it has been revealed.

Ccu atm content

The Reserve Bank (RBA) introduced new regulations last year to force banks, building societies and credit unions to display their fees on screen.

RBA figures show that as a result of the move, customers made six million fewer transactions at "foreign" ATMs in January this year compared to January 2009, the Sunday Telegraph reported.

The research revealed that withdrawals at "own bank" ATMs was up slightly but withdrawals at "other bank" ATMs declined 18 per cent over the year.

Customers using foreign ATMs have been charged a $2 fee since the reforms were introduced.

According to the newspaper, more shoppers are now choosing to withdraw cash when purchasing groceries by using EFTPOS card transactions.

The news may be of interest to Aussies who decide to compare debit cards and credit cards in search of the best deals.

Last week, CommSec analysis of Bureau of Statistics figures revealed that Australians spent a record amount on gyms, golf courses and sports courts last year.

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