Economy

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.



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