The massive catch behind banks removing ATM withdrawal fees
Consumer group Choice has revealed the massive catch behind banks removing their ATM withdrawal fees after the big four’s surprise announcement this week.
Commonwealth Bank made headlines on Sunday when it announced that it would be abolishing additional ATM withdrawal fees for customers from other banks, with NAB, ANZ and Westpac quickly following suit.
But as Choice points out below, it would be a mistake to think that the big four banks have completely abandoned the idea of slugging customers with extra fees.
.@Bankwest still charges you $2.50 to use their ATMs if you’re not customer.
Tell them you want an end to ATM fees: https://t.co/qfy9aupRVY pic.twitter.com/URHNqQzr9b— CHOICE (@choiceaustralia) September 25, 2017
While additional charges for non-customer ATM withdrawals have been abolished at 3,400 CommBank machines, 2,300 ANZ machines, 2,925 Westpac machines and 1,300 NAB machines across the country, Commbank subsidiary Bankwest will retain the charges. In addition, 3,100 NAB-branded rediATMs located at pubs, clubs and stores around the country will continue to charge extra fees for non-customers.
That said, the bank’s decision has still been widely applauded, although consumers have been warned to be wary and check if other fees have been increased.
Australian Bankers’ Association chief Anna Bligh told Sky News, “Customers can look at their own statements and see whether any other fees have been increased. But banks have made it clear that that’s not what they’re going to do, that they will take this as a cost of keeping their customers, and getting the best opportunity to win more customers.”
What are your thoughts?