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Delight to Australians as big four banks to axe ATM fees

"We have been listening to consumer groups and our customers and understand that there's a need to make changes that benefit all Australians"

Delight to Australians as big four banks to axe ATM fees

"We have been listening to consumer groups and our customers and understand that there's a need to make changes that benefit all Australians"

24 September 2017 Sunday 10:40
Delight to Australians as big four banks to axe ATM fees

The days of hunting for your own bank's ATM to make a free withdrawal could soon be a thing of the past, with all four of the big banks announcing they will finally axe fees for customers of other banks.

CBA, Westpac, ANZ and NAB banks said they were aware of the deep unpopularity of "foreign ATM" fees among Australians.

The CBA was the first to abolish the $2 fee for each withdrawal by non-customers.

"We have been listening to consumer groups and our customers and understand that there's a need to make changes that benefit all Australians, this is one of the steps we're taking to make that happen," said Matt Comyn, group executive of retail banking services.

Westpac quickly followed suit, emphasising the benefits afforded to those in regional and rural Australia.

"We want all Australians, whether they are Westpac Group customers or not, to benefit from one of Australia's largest ATM networks," Westpac executive George Frazis said.

"This will make it more convenient for millions of Australians to conveniently obtain cash, with no additional fees.

"It will particularly assist Australians in rural and regional areas."

ANZ then announced it would dump ATM fees from October.

"We know ATM fees are one of the most unpopular and while our customers have benefitted from our network of ATMs across the country, this is another example of acting on customer feedback as well as genuine reform from the industry," executive Fred Ohlsson said.

Lastly, NAB announced their move to drop the fees, calling the decision a "good outcome for customers".

"We know it has been frustrating for them to be charged to withdraw their own money from an ATM, and the change we are announcing today will benefit millions of Australians," chief customer officer Andrew Hagger said.

There were more than 250 million withdrawal across all Australian banks by non-customers last financial year, according to Reserve Bank data.

That means more than $500 million was withdrawn at an additional fee.

Together, Australian financial institutions made half a billion dollars from these fees over the financial year.

Treasurer Scott Morrison pointed to Federal Government pressure as the reason behind the CBA's decision.

"The Turnbull Government has been working hard to ensure bank customers get a better deal and this is further evidence we are getting results," the Treasurer said in a statement.

ABC news

Updated: 25.09.2017 09:29
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