As per this article, it seems this might be the start of the end of ATM fees.
CBA Dumping $2 Atm Fee for Non CBA Customers. The End of ATM Fees?
mbck on 24/09/2017 - 00:32
Last edited 24/09/2017 - 09:37 by 1 other user
Last edited 24/09/2017 - 09:37 by 1 other user
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More like they'll find 4 ways to get it back
yep foreign exchange rates on AUD transactions
1AUD buys 0.95AUD now
They have to account for depreciation.
Interesting move, could it be in response to the negative press over the past few months?
ATM's are dying off so they are most likely trying to squeze some more life out of them.
Apple pay/Samsung pay, tap & go etc are making cash extinct
I could be wrong but I have a feeling that this is probably in response to the shitty PR banks in general might have been getting lately. Banks never do anything because it's the right or moral thing to do, its always about money.
The article itself alludes to this in the last paragraph:
The Commonwealth’s surprise move comes after a horror run of negative publicity including scandals in its insurance and financial planning divisions. It is also facing Federal Court proceedings in which the Australian Transactions Reports and Analysis Centre alleges the bank failed to assess the risk of money laundering or terrorism financing via deposit machines. AUSTRAC claims the bank failed to comply with the law on 53,700 occasions.
What are ATM fees?
ING Direct customer here.
Try not to make $1000 deposit a month, and make an atm withdrawal then ask again what is ATM Fees.
ANZ and Westpac have announced that they are following suit: http://www.abc.net.au/news/2017-09-24/commonwealth-bank-and-…
And NAB
Hopefully ING will bring back their payWave cash back. This means I have next to no reason to stay with them anymore
Can't believe deal has 800+ votes. Was always a forum psa if you ask me.
Hence why I wrote it here….but Meh
with all the negative media exposure, it's time for their PR and marketing to do something about it!
So the big 4 banks colluded simultaneously to forego this years $1/2 billion customer gouge of ATM fees.
Now if that isn't a cartel illegally at work, I don't know what is.You cannot tell me NAB rang Westpac and ANZ (or any other combination) and said hey look what CommBank has done.
Or perhaps CommBank rang the others and said "hey boys, this is what we're doing, are you in?"Coincidently fee free RACQ Bank opened for business today. I'm voting with my wheels.
Oh and rates are going up - which greedy bastard will be the first ? Which bank ?
they'll find a way to get it back