Big four banks Commonwealth, ANZ, Westpac and ANZ end $2 ATM fee

Gladys Abbott
September 25, 2017

Australia's big four banks will still find themselves in the sights of federal politicians despite their attempts to win over the public by axing ATM withdrawal fees.

"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".

Westpac Group Executive, Consumer, George Frazis, said in a statement that it understood "the "foreign ATM" fee has been deeply unpopular with consumers".

'As Australia's largest bank, with one of the largest branch and ATM networks, we think this change will benefit many Australians and hopefully demonstrate our willingness to listen and act on customer feedback'.

While CBA is not junking fees for its Bankwest-branded machines, Westpac said its no-fee policy would include all St.George, Bank of Melbourne and BankSA ATMs.

"The Commonwealth Bank has finally realised that the game is up and the rort has got to stop", he told reporters in Sydney. The fees are usually between $2 and $2.50, and are a source of frustration for many Australian consumers.

"While we had been actively working on how we provide fee-free ATMs for our customers, we have chose to remove these fees altogether from October", ANZ group executive Fred Ohlsson said.

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"But it's important that we continue to take action now right across the full suite of issues that are needed to ensure our banking system is fair". "It will particularly assist Australians in rural and regional areas", he said.

Government minister Greg Hunt has urged all Australian banks to follow the "competitive lead" of the Commonwealth Bank.

"So well done Commonwealth Bank".

Both Westpac and CBA confirmed the fee removal would not apply to customers using bank cards from overseas.

But Australians will still need to pay fees if they use other bank's cash machines.

The average fee for a "foreign" withdrawal was $2.33 in July 2015, up from $2.04 in 2010 and $1.96 in 2009, the RBA estimated previous year.

A report by the Reserve Bank of Australia a year ago revealed that Australians are actually using ATMs less because of the rise of EFTPOS and Pay Pass, which make it easy for people to pay without cash exchanging hands.

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