Commonwealth Bank axes $2 ATM fees for rival banks' customers

Cornelia Mascio
Settembre 24, 2017

Reserve Bank of Australia data shows Australians made more than 250 million ATM withdrawals from banks other than their own past year, earning the banks millions of dollars.

All four of Australia's biggest banks have made a decision to stop charging customers of other banks a $2 fee to withdraw cash from their ATMs.

The catalyst is a shock move by the Commonwealth which is making its 3400 ATMs fee-free for any user, regardless of who they bank with, from today.

Non-customers using Westpac ATMs will also have St. George, Bank of Melbourne and BankSA cut into the deal.

NAB, ANZ and Westpac followed suit on Sunday afternoon.

ANZ announced it would ditch its fees shortly before 2pm, leaving NAB of the "big four" still charging the $2 fee.

Government minister Greg Hunt has urged all Australian banks to follow the "competitive lead" of the Commonwealth Bank.

Labor leader Bill Shorten says he expected the other big banks to stop the fee, but said it was no reason to ease off a royal commission into banking.

He said a royal commission or a parliamentary commission of inquiry will put more pressure on the banks to lift their game.

Australians withdrew money from ATMs of other banks some 250 million times a year ago, with the move to scrap fees targeted at improving customer satisfaction.

"Australians have complained for some time about being charged fees for using another bank's ATM", CBA's group executive for retail banking services, Matt Comyn, said in a statement.

"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 on Sunday.

However, the change only applies to CommBank-branded ATMs and excludes Bankwest ATMs and customers using overseas cards.

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