Banks scrap ATM withdrawal fees amid scandals

CBA/NAB/westpac/ANZ/banking/productivity-commission/

25 September 2017
| By Malavika |
image
image
expand image

The Commonwealth Bank (CBA) announced it would remove ATM withdrawal fees yesterday, while the other big three banks followed amid continuing debate around the need for a Royal Commission.

The CBA announced yesterday morning it would remove withdrawal fees so all CBA and non-CBA customers would not be charged an ATM withdrawal fee.

Data from the Reserve Bank of Australia (RBA) showed Australians made more than 250 million foreign ATM cash withdrawals in the last financial year.

Retail banking services group executive, Matt Comyn, said: “Australians have complained for some time about being charged fees for using another bank’s ATM”.

“We have been listening to consumer groups and our customers and understand that there’s a need to make changes that benefit all Australians, no matter who they bank with. This is one of the steps we’re taking to make that happen.”

CBA’s move to be the first cab off the rank comes after it announced radical changes at the bank last week, including the departure of wealth chief, Annabel Spring, the sale of CommInsure to AIA, and its consideration of the future of Colonial First State Global Asset Management (CFSGAM).

ANZ and Westpac followed suit, with Westpac also announcing that non-Westpac customers using St. George Bank and BankSA ATMs would not be subject to an ATM fee.

National Australia Bank (NAB) was the last bank to remove ATM withdrawal fees.

Chief customer officer of consumer banking and wealth, Andrew Hagger, said: “This is a good outcome for customers. We know it has been frustrating for them to be charged to withdraw their own money from an ATM, and the change we are announcing today will benefit millions of Australians”.

NAB also said it was the only major bank to have a transaction account with no monthly account service fee, which it said saved customers around $5 every month.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 2 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks 1 day ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 2 days ago

TOP PERFORMING FUNDS