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Commonwealth Bank - No ATM Withdrawal Fees No Matter Who You Bank With

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Commonwealth Bank - No ATM Withdrawal Fees No Matter Who You Bank With
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LCheapskate Paul on 24/09/2017 - 03:31 commbank.com.au (7200 clicks)
Last edited 27/09/2017 - 11:19 by 5 other users

The Commonwealth Bank has announced that they are removing ATM withdrawal fees from 23/09/2017. Other banks are following suit. (note: please don't post any more new deals for fee-free ATM annoucements.)

I have an ING Orange account so never pay ATM fees anyway but I’m sure this will be welcome news for many.

Things you should know, Excludes Bankwest ATMs and international cards. You may be charged fees by your bank. Credit card cash advance fees continue to apply.

Update: Westpac, ANZ & NAB have also pledged to remove their ATM fees, but have not implemented yet!

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  • AussieDaddy on 24/09/2017 - 03:42
    +26

    Does this mean people who have cards from other banks won't incur fees if they withdraw money from CommBank ATMs, or that CommBank card holders won't incur fees if they withdraw $$ from other ATMs? Or both?

    • Cheapskate Paul on 24/09/2017 - 03:44
      +9

      Just the first one I think.

      • AussieDaddy on 24/09/2017 - 04:12
        +2

        Ta. You're right, it's the card holders from other banks that will benefit from this (unless other banks follow suit soon). As a CommBank customer, I'll probably have to pay fees if I have to use other banks' ATMs, I think, which ain't fair: http://www.news.com.au/finance/money/budgeting/bank-customer…

        • tomsco on 24/09/2017 - 07:21
          +11

          Maybe other banks may now follow suit.

        • krouton24 on 24/09/2017 - 07:28
          +4

          Then switch banks

        • Splashtash on 24/09/2017 - 08:12
          +7

          I've paid maybe 2 atm fees in the past 10 years. Such a rip off withdrawing from atms.

        • kiriakoz on 24/09/2017 - 09:35
          +13

          @krouton24: please don't do that! CommBank doing this means that the other banks will follow suit. They should be rewarded, not punished.

        • hotrod01 on 24/09/2017 - 11:47
          +3

          @kiriakoz: never mind that they have broken the law for the past several years in relation to money laundering through their ATM system just because they were to lazy to update their software even after been informed by the AFP. But hey now you can save $2.00 so alls forgiven and forgotten.

        • Matslurpee on 24/09/2017 - 12:01
          +1

          @hotrod01: Yes, let's keep paying the other Banks billions in fees every year just because of a decision made by a few cba executives.

          Grow up.

        • kiriakoz on 24/09/2017 - 12:27
          +1

          @hotrod01: Hey mate, those are two separate issues. Understand that they did the wrong thing, but we're talking about the removal of ATM fees here. If you want to move banks because they didn't fix up their software to detect large transactions, as dictated by the anti money laundering act, that's fair enough.

        • FeRGan on 24/09/2017 - 15:47

          @kiriakoz: I would think that doing away with monthly fees would come before this.

      • lostn on 24/09/2017 - 08:11
        +5

        Cool. I'm going to start withdrawing from CBA ATMs exclusively now just to save money.

        • incipient on 24/09/2017 - 11:31

          Your bank may still charge you a fee for using another banks ATM. Even if cba doesn't charge them a fee, it may take a while for your bank to pass on the savings.

        • 2024 on 24/09/2017 - 14:48

          @incipient:

          Correct me if I'm wrong, but isn't the fee charged at the atm side of things, not your own bank adding the fee onto your withdrawn cash? Its not up to the bank to 'pass on the savings', it just won't have a fee added.

          So with commonwealth, westpac and ANZ not charging withdrawal fees, for me to take $50 from my NAB account it will only take $50, not $52.

    • Xiaomi on 24/09/2017 - 03:45
      +4

      Sounds like any bank, ie. ING, St George, ANZ can use CommBank ATM's fee free.

      • AussieDaddy on 24/09/2017 - 04:13
        +2

        But not vice versa without attracting fees though, right? For example, I am a CommBank customer, and if I wanna withdraw money from ATMs of other banks then I'll be charged with fees, I guess? I don't use other ATMs, so I always assumed that was the case all along.

        • Xiaomi on 24/09/2017 - 11:12

          Correct. This deal is most attractive for non-commbank customers.

      • Neoika on 24/09/2017 - 07:32
        +4

        If all major banks' ATMs are free,it is time for ING to up its feature with the ATM savings' it gets.

        • ozdesi on 24/09/2017 - 10:24
          +1

          Or shut their online shop

    • xmail on 24/09/2017 - 12:33

      Seems like an incentive to bank with someone other than CommBank. e.g if you go with Westpac you can use both Westpac and CommBank ATMs fee free. CommBank customers can only use CommBank ATMs fee free.

      • Cheapskate Paul on 24/09/2017 - 12:36

        There will be massive pressure on the other banks to follow suit.

        I expect the pollies on all sides to be out there demanding it very soon.

  • 4892 on 24/09/2017 - 03:42

    Thanks dude

  • PJC on 24/09/2017 - 04:01
    +4

    Dupe? https://www.ozbargain.com.au/node/331535

    • 4892 on 24/09/2017 - 04:02
      +2

      Did you just Link the dupe to the same post?

      • PJC on 24/09/2017 - 05:50
        +12

        For about 6 seconds. You weren't supposed to notice!

    • AussieDaddy on 24/09/2017 - 04:12
      +1

      LOL! That has been posted on the Forum section, not on the Deals section.

      • PJC on 24/09/2017 - 05:48

        Hence the question 'Dupe?'.

        • johnwinkle on 24/09/2017 - 12:18
          +1

          if that guy posted in the deals section instead of the forum it would've been a dupe

        • hawkers8905 on 11/10/2017 - 08:05
          +1

          @didntknowicould:

          This should have been a forum post to begin with. Not a "bargain" as it is always going to be free from now on.

    • Cheapskate Paul on 24/09/2017 - 04:12
      +8

      This was my first deal post and I did check that this deal hadn't already been posted but didn't find anything. However, that post is on a discussion forum and is discussing whether this means the end of all ATM fees, where as I posted it as a deal to let people know about it with a link to the Commonwealth Bank official announcement, rather than to a news article. So I'm not sure that this is a duplicate. But I'm a newbie so I could be wrong.

      • AussieDaddy on 24/09/2017 - 04:14
        +3

        Nah, you're alright, mate. The Forum & Deals sections are different.

      • Mirage on 24/09/2017 - 07:48
        +1

        Yeah thanks for posting. I for one was happy to read this.

  • Cheapskate Paul on 24/09/2017 - 04:22
    +5

    Thanks AussieDaddy. That makes me feel better. I thought I'd stuffed up my first Deal post.

  • Easy game on 24/09/2017 - 04:29
    +29

    I don't really understand why they'd do this… Literally none of the benefit goes to their own customers- it's just a freebie for customers of competitors at a cost to Commbank. If I was a Commbank customer I'd much rather they spend the money on me (better interest rates or even rebates on competitor ATMs) than people who don't even bank with Commbank.

    • AussieDaddy on 24/09/2017 - 04:39
      +5

      Exactly! That's why I was asking those questions above confused, and not seeing how this move would be advantageous to us, their customers. Hope other major banks will do the same soon, otherwise this is useless. Heck, it might be counterproductive to the point it might force some CommBank customers who use ATMs a lot to switch banks just to take advantage of this.

    • Cheapskate Paul on 24/09/2017 - 04:45
      +35

      With all the disasters they've been involved in lately, I suspect that it's an attempt to restore their reputation with the general public. The shareholders will benefit from that enhanced reputation. I'm not sure that customers are factored into banks' decision making processes. As usual, I may well be wrong.

      • Mkr on 24/09/2017 - 05:46
        +4

        Totally agree mate…. clearly this is a move to enhance their public reputation…
        It's a shame really…. they get involved in unconscionable conduct (insurance ripoffs, money laundering) and then come up with a petty measure such as $2 waiver to restore image… tricks such as these will probably work and they will not face the consequences they otherwise would have!!

        • CyberMurning on 24/09/2017 - 08:50
          +3

          Yeah this is prove they just care about their reputation and profit not about existing customers. Whatever they do, for themselves first customers second

    • notewar on 24/09/2017 - 05:09
      +1

      you hold CBA.asx shares right? = )

      • Cheapskate Paul on 24/09/2017 - 09:22
        +1

        I most certainly do not, other than indirectly via my super fund.

    • Aneurism on 24/09/2017 - 05:33
      +28

      If anything, means that Commbank customers might have to queue longer at ATM's..

      • 31mop on 24/09/2017 - 05:41
        +6

        They'll market heavily to people using their atms (on the screens) possible data capture from the bankcards and you get a CC offer in the mail?

        • chyawala on 24/09/2017 - 07:33
          +2

          And there's the cameras, recording faces and open wallets. Then there's mobile phone identity, broadcasting all the networks it's associated with. This can relate to where you live, work, have been, and where you go/have friends. Ofcourse they ultimately associate you with your financial institution, as well as the size/time/nature of the transaction.

          There's usually no such thing as a free lunch, and when it comes the the big banks, I think many would be wary about this deal when it's been them who have been having us for lunch with the large shift in debt. There very well may be a possibility that the potential collection of this information is worth more the the cumalitive profit of non CBA customer ATM fees.

      • Aneurism on 24/09/2017 - 06:34
        +8

        CBA couldn't be bothered reducing my home loan saying I must have another quote from another bank.. I told them seriously ?

        If I got another quote, I'd leave them and take all my services..They didn't give a crap. I've been with CBA for 30 years.

        With all the recent scandals..ripping off customers and not giving a crap.. it's time to make a change.

        On a brighter note, this is now the perfect opportunity to look for a different bank since CBA no longer holds any advantage of ATM access over the other banks.

        • Aneurism on 24/09/2017 - 07:33
          +16

          @callum9999:

          Because I looked and know I can get a lower rate at other places for the same or better service level.

          Especially one that gives a discount to my workplace. Just because I didn't have an official quote, didn't mean I can't easily get one.

          Just because I agreed to variable rate loan 10 years ago, doesn't mean it is competitive now.

        • callum9999 on 24/09/2017 - 07:35
          -5

          @Aneurism: So Commonwealth should have just taken your word for it that you could easily get these quotes from elsewhere?

        • Aneurism on 24/09/2017 - 07:37
          +13

          @callum9999:

          They just lost themselves a 30 year customer. I don't care who's word they take because they won't be getting my business any more within a fortnight. Don't get me wrong.. I'll happily continue to use their free ATMS though.

        • lordsnipe on 24/09/2017 - 07:45
          +6

          @Aneurism: nab was the same with me. Wouldn't match until I had signed with the other bank and the new bank had contacted them in regards to discharge.

          They called me at the 11th hour asking if I had taken notice of the interest rate change on my internet banking, I told them it was too little too late.

        • CyberMurning on 24/09/2017 - 08:52
          +2

          Unless you have trillions of $, 1 week, 30 years or 80 years banking means nothing to them. Money talks, bro!

        • sasangeleus on 24/09/2017 - 09:28

          @Aneurism: the proof is required for the pricing system. No proof then you're making the rate up. Go easy on the frontline staff they are just following the process.

        • F1Maniac on 24/09/2017 - 10:30

          @dragonindespair: this is true

        • Killhouse on 24/09/2017 - 11:17
          +1

          This is how Commonwealth Bank does business. They don't care about loyalty.

        • PJC on 24/09/2017 - 11:23

          @lordsnipe: Well done.

        • [Deactivated] on 24/09/2017 - 11:26
          +1

          @callum9999: CBA, like any other bank, will not bow to market pressures for existing clients unless they make a noise about it. You might want to look at your loan rate and see of they can sharpen their pencil for you. Where have you been over the last 20 years if you don't think Aneurism's approach is reasonable?

        • Aneurism on 24/09/2017 - 11:51

          @sasangeleus:

          I chose not to make up any rate. All I did was disclose that I could find an equivalent service elsewhere and that they had an opportunity to retain me as a customer.

          They said I needed a quoted price from elsewhere. I told them that if I receive a quote from somewhere else then I wouldn't be coming back.

          (The conversation came about because I was calling to cancel about 5 different insurances I had with them)

        • callum9999 on 24/09/2017 - 11:58
          -1

          @Risto: I've been living in the real world, where I think rationally instead of emotionally - something very few people seem capable of nowadays.

          "Hi, I have no evidence whatsoever that I can get a better rate elsewhere, but just take my word for it and match it" is NOT a "reasonable strategy", hence why it produced nothing. A reasonable strategy is to get proof and get them to match it, or just go to the cheaper bank.

        • dm01 on 24/09/2017 - 12:30
          +1

          @Aneurism: Plus CBA have teams of people keeping track of every product of every financial institution in the country - it's not like they're oblivious to better deals being available elsewhere - they know exactly who offers what loan at what rates. They just bet on most people being too lazy to bother with actually going through the process of refinancing elsewhere. Looks like they lost this particular bet!

        • callum9999 on 24/09/2017 - 12:43

          @Killhouse: Probably because virtually everyone who claims to be loyal to a capitalist entity is either using the word incorrectly or doesn't know what it means.

          There are very few good reasons to ever be loyal to a bank.

        • Aneurism on 24/09/2017 - 12:54

          I was planning on leaving them in the first place because I had my target services already planned.

          I just chose to ask the bank as a long term customer, "Hey what can you do for me ?" and "What is keeping me here using your services". This is my right as a customer.

        • [Deactivated] on 24/09/2017 - 13:31
          +1

          @callum9999: Given I also own a finance broking business and I know precisely that is how we lose customers, it sounds like you're so naive it hurts.

        • callum9999 on 24/09/2017 - 13:52

          @Risto: And when exactly did I say that was a good customer retention policy? Any idiot can keep customers by giving them more money/cheaper stuff, it's whether that's best for profitability or not that matters.

          I hope you pay more attention to detail with your "finance broking business".

        • [Deactivated] on 24/09/2017 - 14:49

          @callum9999: You said the bank would need proof. I'll suggest the banks already know precisely what their competition is doing. It seems you're the only one not in on the secret. The broking business is only a sideline, please don't worry about my attention to detail.

        • callum9999 on 24/09/2017 - 14:59

          @Risto: This is exactly what I mean - why are so few people able to engage their brain just a tiny bit? On what planet is saying the bank would need proof of a better offer elsewhere (which incidentally is EXACTLY what the bank did request) equivalent to saying "not matching competitor offers is a good way to keep customers"?

          Obviously the bank are well aware of what the competition offers, but they are not aware of what they are offering this specific person. It's unfathomable that this needs to be explained to someone who supposedly runs a "finance broking business".

        • KevinFine on 24/09/2017 - 18:51

          Try Bank Australia, I moved away from CBA for these and many other reasons. A responsible, customer owned bank https://bankaust.com.au/

    • JimB on 24/09/2017 - 09:26
      +2

      To show other bank customers how convenient CBA ATMs are, there are so many of them compared to ANZ, NAB or Westpac.

      No guarantee the offer will last forever.

    • Maz78 on 24/09/2017 - 09:35
      +2

      Agree 100%. Way to piss off your customer base.

    • oztite on 24/09/2017 - 09:52
      +3

      Expect a lot of ads for their own products on their ATMs. If they give up a $2 fee but pulls a customer from another bank, it's totally worth it. I think it's quite smart. Basically paying $2 per ad view per customer from another bank who couldn't find their own bank's ATM.

    • Ryanek on 24/09/2017 - 10:28

      Damned if you do, damned if you don't.

    • chillin222 on 24/09/2017 - 11:12

      It's pretty smart. Heaps of people are leaving the Big 4 due to those ING/Macquarie ATM fee rebates. By cajouling the industry to dump ATM fees, these minor banks lose their CVP and CBA will retain more customers.

  • Slo20 on 24/09/2017 - 05:29
    -2

    Just make sure your bank doesn’t charge fees to use other bank atm’s.

    • [Deactivated] on 24/09/2017 - 08:46
      +5

      I don't think that's allowed…??
      You can only be charged by the ATM provider, as opposed to the card issuing bank.

      • Slo20 on 24/09/2017 - 14:41

        I’m only repeating what’s written in CBA t&c’s.

  • [Deactivated] on 24/09/2017 - 05:31
    +3

    Banka aren't stupid, there must be benefits for CBA.

    This news is massive!

    • [Deactivated] on 24/09/2017 - 08:47
      +3

      Yes. It's the publicity that comes with it.

      • [Deactivated] on 24/09/2017 - 10:10
        -2

        Yes I think it’s the reputation management that tipped them over the edge. They are trying to look friendly.

        The ATM fee is a catch-22 for the bank. It doesn’t really cost them anything, the fee is only in place to make a profit, but then people actively avoid their ATM because of that same fee. A smart bank would make it something like 20c to try to catch all.

        • [Deactivated] on 24/09/2017 - 15:37

          It's a huge revenue earner and they end it for some good will?

    • koakun on 24/09/2017 - 11:55
      +1

      If you use non CBA card to access their ATM, card issued bank pay accessing fee to CBA.
      Until now,CBA charged few dollars top of that to non-CBA customer.

      If there are 10 non-CAB cards transaction with $2 fee it will be $20 profit to CBA.
      And also card issuing bank will pay $0.5 (just example) to CBA means $5 profit.
      Total $25 profit in a day.

      When ATM fee wave and 50 of non-CBA people use CBA ATM, CBA still earn $25 a day.
      If their number increased to 100 transaction a day, it will be $50 a day.

      Do you know how many CBA ATM in Australia?

      They make more profit from this business.

      • Cheapskate Paul on 24/09/2017 - 12:06

        "Do you know how many CBA ATM in Australia?"

        3400

      • [Deactivated] on 24/09/2017 - 15:39

        Where do you get these numbers from?

  • nawapb on 24/09/2017 - 05:48
    +5

    thats surely death for atm fee as we know it. Glad I have not invested in one of those ATMs

    • SuperC on 24/09/2017 - 07:20
      +7

      Even if the banks get rid of ATM fees, the small ATMs in pubs, service stations etc. would still have fees.

      • [Deactivated] on 24/09/2017 - 08:47
        -7

        ….and?

        • [Deactivated] on 24/09/2017 - 15:42

          People will try their best to find a free ATM which has become much easier due to CBA's new policy.

  • FabMan on 24/09/2017 - 06:28
    +12

    What is wrong with people by turning this into a negative? A bank has decided to not charge an unnecessary fee, that is great.

    If you went to the UK, the majority of ATMs do not charge a fee, usually only those ones at Pubs or Petrol Stations do. They have not been charging customers a fee for years now, get on board and demand other banks do it.

    • Consumer Sheep on 24/09/2017 - 07:54
      +18

      I'd think there's a lot of justified negativity towards CBA after the allegations of 54,000 money laundering occurrences, the CommInsure and financial planning scandals. It's been a great demonstration of the level of power the 'Big 4' yield. You look at opposition leader Tony Abbott going after big targets like "the gays", yet what statements have you heard from the Liberals or the inter-Nationals about the CBA scandals?

      Take your business elsewhere.
      Disclaimer: I've a relative that works for a regional bank.

      • buckster on 24/09/2017 - 08:07
        +6

        Obviously the gays weren't big enough political donors

      • ozdesi on 24/09/2017 - 10:29

        Simple really ATM will dispense laundered money and they come clean

      • gilbarc on 24/09/2017 - 11:11
        +3

        opposition leader Tony Abbott

        Um…

        • thepigs on 24/09/2017 - 17:17
          -2

          We need a constitutional change disallowing ex-prime ministers to remain members of parliament

      • FabMan on 24/09/2017 - 11:45
        +3

        That disgusting behaviour doesn't change that this is good for the general public. CBAs motivations are not pure, but the result for us is great.

    • sparkles on 24/09/2017 - 15:07
      +2

      Yeah, in the UK it was great. You'd use any ATM without even having to think about it, Lloyds, HSBC, whatever. No searching, just convenience.

  • forrester on 24/09/2017 - 06:46
    +11

    This gesture may be also trying to revitalise the use of a facility that is becoming increasingly less relevant as we move to a cashless society. ATM use has been declining over the last couple of years now with no sign of this trend changing.

    By reducing fees, at least they will get a few more years out of ATMs before they go the same way as pay phones…

    http://www.smh.com.au/business/atm-use-hits-15yearlow-as-shi…

    • Scab on 24/09/2017 - 06:56
      +3

      as we move to a cashless society

      That ain't going to happen for a while, I'm still waiting for the paperless society that was promised.

    • callum9999 on 24/09/2017 - 07:26
      +3

      A cashless society is beneficial for the banks - they should be (and I think are) encouraging it, not trying to stop It!

    • D3m3ntia on 24/09/2017 - 08:26

      Not true. 57,000 people used CBA ATMs :)

  • capslock on 24/09/2017 - 06:50
    +4

    Who still uses cash anyway?

    • Scab on 24/09/2017 - 06:56
      +7

      Me, cash is king.

      • capslock on 24/09/2017 - 08:21
        +3

        You are missing out on credit card points. Not very OzBargain of you.

        • Scab on 24/09/2017 - 08:30
          +3

          Unfortunately my local kebab shop doesn't take credit cards.

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