All members of Australia’s ‘big four’ banks have scrapped the $2 ATM fee charged to non-customers who use their machines, regardless of which bank they are with.
After the Commonwealth Bank took the step to scrap the controversial fee Westpac, ANZ and the NAB soon followed suit on Sunday for their ATMs across the country.
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.
The Commonwealth Bank scrapped fees for non-customers using its 3400 ATMs Australia-wide on Sunday
The move to scrap the $2 fee was quickly followed by fellow ‘big four’ members Westpac and ANZ
Australians withdrew money from ATMs of other banks some 250 million times last year, with the move to scrap fees targeted at improving customer satisfaction.
‘This will make it more convenient for millions of Australians to conveniently obtain cash, with no additional fees,’ Westpac spokesman George Frazis said.
‘It will particularly assist Australians in rural and regional areas.’
Opposition leader Bill Shorten praised the move led by the Commonwealth Bank, but said he believed there still needed to be a royal commission into banking.
‘The Commonwealth Bank has finally realised that the game is up and the rort has got to stop,’ Mr Shorten said in Sydney on Sunday.
Consumer group Choice spokesman Tom Godfrey said the bank’s decision could mark the beginning of the end for the $2 ATM withdrawal fee.
‘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,’ he said.
Consumer group Choice spokesman Tom Godfrey (pictured) said the bank’s decision could mark the beginning of the end for the $2 ATM withdrawal fee
Australians withdrew money from the ATMs of other banks 250 million times last year meaning the move to scrap fees will collectively cost banks $780m a year
‘The move by the Commonwealth Bank to stop charging non-customers to withdraw money is a win for consumers and sends a clear message to other banks that it’s time to axe these fees.’
Commonwealth Bank of Australia’s group executive of retail banking services Matt Comyn said the move to axe the fee was prompted by consumers’ disapproval.
‘It’s very unpopular and I’m sure people will be happy that they no longer have to pay it and to have access to the largest ATM network in the country for free has to be a good thing,’ he said in a statement on Sunday.
‘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.’
