Customers go to lengths to avoid ATM fees

Monday 23 August 2010

Article by Mozo

Would you move house in order to be nearer to a free ATM machine?

It seems this drastic measure is just one way many Australians are avoiding paying ATM fees.

Recently-released figures have revealed that customers have paid £120 million less in ATM fees since reforms designed to bring such fees down were introduced more than a year ago.

However, some fees have risen despite the reforms and many customers are travelling further distances and using EFTPOS machines in shops in order to avoid paying the fees.

The ATM fee issue has also led a number of people to criticize the Reserve Bank of Australia (RBA) for failing the country's bank customers.

"Not only have consumers responded to more transparent pricing by using their own institution’s ATMs in place of foreign ATMs, they have also increased the average value of each ATM withdrawal so that they visit foreign ATMs less often," the RBA commented.

"Overall, the number of ATM withdrawals fell by around 3.5 per cent in the year after the reforms, even though the total value withdrawn was little changed from the preceding year."
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