The Great ATM Rip-Off
It’s now been a whole year since the Reserve Bank announced reforms aimed at reducing ATM fees across Australia. So where have we ended up? Well, to cut a long story short: right back where we started. In fact, research by the team here at Mozo suggests many of us are paying more in ATM fees now than we were 12 months ago. The RBA hoped that by allowing ATM owners to charge directly for the use of their machine (previously your bank decided what to charge you) and forcing machines to display a message warning about charges, that fees would be driven down. They weren’t. In an analysis of 37 different transaction accounts from 22 different banks, building societies and credit unions, Mozo found 15 accounts where an average customer now pays more transaction costs than a year ago, 17 accounts where there’s been no change, and only 5 accounts where the average customer is paying less. So much for increased competition! As Mozo MD Rohan Gamble said in a recent interview, “The net effect of the ATM reforms has been more bank fees. And its not as though we need more of them, particularly as the sting of the latest RBA rate rises hit home.” Whatever way you shake it, bank fees aren’t cool. Compare bank accounts now and free yourself from fees.