Credit card users 'opting for their own banks' ATMs'

By Mozo ·

People are increasingly avoiding using their credit and debit cards at rival ATMs, it has been found.

Research conducted by the Reserve Bank of Australia (RBA) suggested many consumers are attempting to get round the $2 transaction fee issued at some financial facilities.

Since new regulation imposed in March stipulated that banks declare the charge on-screen, there has been a ten per cent rise in people using cash machines from institutions in which they have savings accounts, in news that may be interesting to those looking to compare credit cards.

A spokesperson for the RBA said: "Before the rules came in, there was about a 60 to 40 per cent split between transactions at customers’ own bank machines and transactions at rivals machines."

Since the change, the number of those withdrawing money from their own ATMs has increased by 65 per cent.

In related news, the Australian Securities and Investments Commission recently announced banks will have to assess customers’ suitability for certain products, such as credit cards, before lending.

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