Rural credit card users 'will be hit hardest'
Credit card users living in rural areas will be hit hardest by new laws which allow ATM owners to charge a fixed fee for transactions as long as the cost is displayed.
According to a special report from the Australian, critics are rallying against the new rules as it is feared that people living in remote locations will have little choice but to stump up the cash when taking out money on their credit card or debit card.
The Consumer Action Law Centre has called on the government to put a limit on the fees that can be charged in the bush, where ATM competition is likely to be scarce.
Responding to the news that NAB will charge 50c for all transactions once the laws are introduced, the consumer champion described the levy “as an enormous margin” over the costs of processing.
Many of the major banks have issued guidance on how to avoid being caught out by fees, with consumers urged to ask for cash back when making EFTPOS transactions to escape the charges.