The annoying $2 charge when non-customers withdraw from an ATM looks set to end after the Commonwealth Bank announced today that it will will scrap the “foreign” bank fee.
After the CBA announced it would be the first to scrap the bank charges at its 3,400 ATMs, Westpac, ANZ and then the NAB followed its lead in also removing the fee, with involves an estimated 250 million withdrawals annually – worth $500 million in fees.
Matt Comyn, the Commonwealth’s retail banking services group executive said they had listened to consumer groups and our customers.
“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,” he said.
However, the change only applies to CommBank-branded ATMs and excludes Bankwest ATMs and customers using overseas cards.
Westpac announced they were following suit soon after, followed by the ANZ, with NAB the last of the big four to agree, announcing it would join them late on Sunday afternoon.
ANZ group executive Fred Ohlsson said his bank will get rid of the $2 fee on its 2300 ATMs from early next month.
“While we had been actively working on how we provide fee free ATMs for our customers, we have decided to remove these fees all together from October, he said.
“We know ATM fees are one of the most unpopular and while our customers have benefitted from our network of ATMs across the country, this is another example of acting on customer feedback as well as genuine reform from the industry.”
Treasurer Scott Morrison claimed credit for the CBA’s decision, saying the move was “further evidence we are getting results”.
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