ATM Fees

[Tropo-Bob]

Good news from the banks that they are doing away with ATM fees.

However, I suspect this is just the first step before doing away with many ATM machines.

[LewisM]

Withdrawing ATM fees = increasing monthly fees.

[Ric]

No doubt they will find another way to take our money.

They are not in the business of doing things for the common good of the people.

[Shano592]

Exactly right. The cynic in me suggests that this has something to do with staving off a royal commission into their other shady practices, that they have been caught out on.

[xelasnave]

I thought similar.

Alex

[rogerco]

Anybody know if its just each others customers or will it be free for people like Bendigo Bank?

[multiweb]

Is this supposed to be rolled out immediately? Because Westpac is still charging $2.50 per withdrawal.

[xelasnave]

CBA are advertising the fee elimination now so they were set up to roll.
Alex

[sil]

so no hint of the instant online transactions we were promised with online banking?

the banks arent worried about royal commissions as the government is implicated too. they made it so its essentially illegal to get a job without having a bank account so they can get their tarriffs plus gst on everything, the tax system has been double dipping for decades.

[Renato1]

I never understood how banks could make $500 million a year in other-bank ATM fees, when if one went to one's own Bank ATM, the transaction was free. Not to mention that withdrawing one's cash is also free at Woolworths, Coles and other supermarkets.

It made no sense to me. I've never paid an ATM withdrawal fee in Australia.
Regards,
Renato

[LewisM]

I have - late night with no branch anywhere around (we still bank Suncorp, and there is only ONE branch in Canberra). Otherwise, I do exactly as mentioned - use large retail outlets to get cash etc. No issue at all.

8 months in Canberra and have not found it inconvenient even once.

[Sconesbie]

I believe starts later on. Not instantly.

There are still lots of non bank ATM's that will still charge fees such as those in service stations, pubs and so on. Sometimes they charge more than $2.50. Plus a lot of smaller banks and credit unions have not offered to withdraw this fee. What's good for one, should be good for all.

[doppler]

You get stung 2 times with those non bank cash vending machines, once by the vending machine company and then by your bank for using a non bank atm. I guess these will be a bit cheaper after the banks cut their part of the fee.

[Sconesbie]

That doesn't sound right. I'd be querying that with your bank/credit union. There shouldn't have been any fees like that. The fee charged by using the ATM is by the owner of said ATM. Most of the machines in pubs, service stations and so on are privately owned and hence charge a fee to use their machine. I doubt that your financial institution would charge you as well.

[doppler]

It would seem that most banks have dropped their fee for using another banks atm.
On an older now closed acc I had a limit on monthly atm withdrawals (20) and a fee for each excess withdrawal, a monthly acc fee and a fee for using another banks atm machine. My acc now has no fees and unlimited transactions so I don't use cash anymore. But I do try to avoid those pub and servo cash vending machines, some of the ones here hit you for $5.