BankWest sets out cash withdrawal rules
Article by Mozo
BankWest has suggested getting cash back when buying items to avoid being hit by “foreign” ATM fees.
Under current rules, Australians are charged for using an ATM that is owned by another bank, with fees showing up on bank statements.
However, new rules from the Australian Payments Clearing Association which will come into effect in March 2009 will allow consumers to see how much another bank will charge them for taking out money on their debit card.
And for those who don’t want to pay the fee, BankWest points out that by asking to get cash out when buying goods over the counter using a debit card, people can avoid such charges.
The bank account provider also looked to address issues surrounding the proposed buyout of BankWest by the Commonwealth Bank (CBA).
“Once the acquisition of BankWest by CBA is approved, then BankWest will start working with CBA to align our ATM networks and make them available to our customers free of charge,” the group said in a statement.