Greens move to ban $2 ATM fee

Wednesday 14 April 2010

Article by Mozo

The Greens are planning to introduce new legislation in the federal parliament next week to ban $2 ATM fees.

Greens Senator Bob Brown said the law would put power back in the hands of customers who have lost respect for profiteering banks, the Daily Telegraph reported.

In addition to abolishing ATM fees, the Greens’ proposed banking legislation aims to allow basic fee-free accounts, fair price mortgages and up-front disclosure of exit fees on home loans.

"The government will have to take this seriously. There is a growing gap between rich and poor and this is a Labor government that should be willing to take up such measures and implement them," said Mr Brown.

Current laws mean customers can be charged $2 for using ATMs which are not owned by their bank. The Reserve Bank said recently that this has led to a fall in the number of people using "foreign" ATMs.

The news may interest Aussies who decide to compare debit cards in search of the best user features. This week, a Senate inquiry urged Australia’s banks to step up their efforts to stay ahead of sophisticated debit and credit card fraud schemes which have already ripped off millions of dollars from personal bank accounts.

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