3 of the 4 Australian big banks drop foreign ATM fees

3 of the 4 Australian big banks drop foreign ATM fees”

ANZ's group executive Fred Ohlsson said the bank knows the charge is "most unpopular". The fees are usually between $2 and $2.50, and are a source of frustration for many Australian consumers.

Now just hours later, Westpac and ANZ have also followed suit.

There are 50 million cash machine withdrawals a day around Australia.

Complaints about the fees led to the decision, the Commonwealth Bank said in a statement on Sunday.

Under the move more than 10,000 machines across Australia will now be free to use, despite it being set to cost the banks a collective total of $780 million a year.

Government minister Greg Hunt said getting rid of the $2 fee was good for consumers.

"Accessing your money from a bank account is an essential service that should be free for everyone, rather than an inconvenience with a penalty attached, " Mr Godfrey said.

The Commonwealth Bank has become the first bank to axe $2 fees for customers from other institutions that withdraw money from its ATMs.

"So well done Commonwealth Bank".

The Reserve Bank data shows there were more than 250 million withdrawals at foreign bank ATM customers last financial year, this translates to more than $500 million in revenue that is being forgone by this very change.

Group Executive of Retail Banking Services at the Commonwealth Bank Matt Comyn said Australians have complained for some time about being charged fees for using another bank's ATM.

"So when banks respond in this way, I am happy to give them a pat back when they do the right thing", he said.

From today, users of CBA ATMs will be alerted that withdrawals will be free of charge.

A federal court action was launched in August by the The Australian Transaction Reports and Analysis Centre (AUSTRAC) alleging the bank has breached Australia's anti-money laundering laws.

Like this


24 September 2017
Track of Cat 3 Maria shifts closer to U.S. coast
On the forecast track, Maria will move away from the Bahamas into the open waters of the western Atlantic today . What's left over from Tropical Storm Jose and its remnant may also be a factor in Maria's future path.

24 September 2017
MI 28, Purdue 10: Instant Recap
They grabbed a 14-10 lead with 2:42 left in the third quarter on a 10-yard touchdown run by sophomore running back Chris Evans. Head Coach Jim Harbaugh didn't give a lot of information about his injury. "He ran the offense well and made big plays".

24 September 2017
Butch Jones on Tennessee's 17-13 win over UMass: 'Just flat-out unacceptable'
Dormady completed all seven of his passes, capping off a 9-play drive with an 8-yard touchdown pass to Tyler Byrd. The halftime speech didn't inspire any better play in the second half as one might believe.

24 September 2017
Bills without tackles Cordy Glenn, Marcell Dareus for Denver
They play an aggressive hair-on-fire style with lots of one-gapping linemen who are trying attack downhill on every play. Through two games, the Bills are 27th in passing with an even lower average (162.5 yards per game) than last season.

24 September 2017
Prime Minister Modi lauds Sushma's strong speech at UNGA targeted at terrorism
The reality is that Pakistan's politicians remember everything, but manipulate their memory according to their convenience. Meanwhile, Swaraj is all set to address the United Nations General Assembly (UNGA) in NY today.

24 September 2017
Auburn routs Missouri in first Columbia visit behind Johnson's big night
Auburn's defense looked to be in mid-season form as the Tigers of Auburn smothered the Tigers of Missouri, forcing 4 turnovers. Quarterback Jarrett Stidham completed 13 of 17 passes for 218 yards, including a 57-yard touchdown heave to Nate-Craig Myers.

24 September 2017
Fidelity National Financial Inc (NYSE:FNF) Institutional Investor Sentiment
ValuEngine raised Fidelity National Financial from a "hold" rating to a "buy" rating in a research note on Friday, September 1st. The United Kingdom-based Aberdeen Asset Management Pcl Uk has invested 0% in FNF Group of Fidelity National Financial, Inc .

24 September 2017
The United States is preparing new immigration "decree"
Trump hinted at a broader version of the travel ban in his Twitter response to the terrorist attack on a London subway last week. But administration officials have argued in court that his March executive order did not target Muslims.

24 September 2017
Stevie Wonder Takes a Knee at the Global Citizen Festival
Global Citizen is headquartered in NY , with offices in Canada, Australia and the United Kingdom. Both knees and pray for our planet, our future, our leaders of the world and our globe.

24 September 2017
Manatee County children in AMBER Alert found safe
She is charged with Interference with Child Custody and Aggravated Battery (unrelated charge from July incident). She will face an extradition hearing in Alabama and it's unclear when she will return to Manatee County.