Published on September 25, 2017 10:14 pm, by Jen Bakker
In a win for consumers that like the convenience of using the closest ATM, the big 4 banks have committed to no longer charging non-customers a fee to withdraw from their ATMs.
The decision will take a few weeks to implement.
There are lots of reasons floating around, the least convincing being because the banks realise that clients don’t like the fees.
The government is taking credit, claiming to always be trying to get better deals for customers. The opposition is taking credit, claiming it’s the threat of a Royal Banking Commission that spurred the move.
More believable is that we are becoming a more cashless society and ATMs are not the way of the future. The more cynical of us think this is step one to reducing the number of ATMs accessible as there will be a reducing need for them in future.
You can still be charged ATM fees
The commitment of the big 4 doesn’t extend to all banks. In fact, Bank West which is owned by Commonwealth Bank looks to be continuing to charge ATM fees to customers with accounts from other banks. Westpac, on the other hand, are including St George and Bank of Melbourne’s ATMs in their decision to stop charging.
So, it’s not a free for all, check out which banks will still charge fees before you withdraw, but know you’re pretty safe with the big 4.
Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.