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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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  • teasatotalling on 24/09/2017 - 11:14

    Looks like people are wilfully ignorant of their money laundering

  • FeZZa21 on 24/09/2017 - 11:17
    +1

    Their money laundering scandal must have hurt them bad lol

    I'll stick with my Macquarie no ATM fee no FX fee debit card

  • Munki on 24/09/2017 - 11:21
    +1

    Yeah, CBA needs all the good PR they can get. ;)

  • jaimex2 on 24/09/2017 - 11:34
    +1

    After switching to ING any offers from other banks are always "meh"

    • Cheapskate Paul on 24/09/2017 - 11:51
      +3

      That's true but this will be good for ING as they won't have to rebate the Commbank fees. If all the banks follow suit then ING may bring back the 2% paywave rebate or something similar to differentiate themselves again. Here's hoping!

  • terrywang on 24/09/2017 - 12:06

    Small step makes big difference. However, I am yet to see same day (within an hour?) EFT transfer between big 4. Is it that hard?

    • bennyh on 24/09/2017 - 12:36
      +2

      They're bringing that in in a few months, known as the New Payments Platform

    • [Deactivated] on 25/09/2017 - 02:39
      +1

      Ripple is the future for that. Less than 10 seconds to be precise.

  • CandyMan on 24/09/2017 - 12:10

    http://www.smh.com.au/business/banking-and-finance/commonwea…

    Apparently atm's aren't that popular anymore as we become cashless. One day they will be scrapped altogether.

  • baggyred on 24/09/2017 - 12:21

    I wonder if this includes their ATMs in bali?

    They're pretty much the only ones who do charge over there!

  • HD Crasher on 24/09/2017 - 12:23
    -1

    I find these things so funny, as this fee was introduced by the Rudd government so that fees were the same across the board for all ATMs as some non bank atms were charging excessive fees.

    When they did this it made it harder for people who already had this facility with their banks like me as I then had to start paying the fee on transactions I never had to before.

    Of course like any good ozbargainer I found ways around this fee, by using supermarkets as ATMs and also having a ME bank account that charges no fees.

    Anyhow it is interesting to see this being unwound as I thought it was legislated.

    Go Oz Bargain I love this site.

  • dufflover on 24/09/2017 - 12:29
    +1

    Wonder if this will cost them more in the end with even more pissed off CBA customers finally deciding to take their money to a different bank.

  • finbar on 24/09/2017 - 13:10
    -2

    To locate the nearest CBA ATM just ask your local money laundering drug dealer or your local overseas terrorist funding extremist I guess.

  • phor8 on 24/09/2017 - 13:12

    can you change the title? it makes it sound like commonwealth are doing INGs no atm fees at any atm, wouldnt want to give them any more PR than they deserve, at the expense of their customers

    • Cheapskate Paul on 24/09/2017 - 13:44

      I'd rather leave it as it is. As I explained in a post a little earlier:

      "The title is a direct lift from the bank's announcement. If you read it correctly it is hard to interpret it like you have. But I understand that people are time poor and don't have time to read things properly."

  • Aniseed Steed on 24/09/2017 - 13:30
    +1

    Westpac has just matched its larger rival Commonwealth Bank by cutting the fees it charges customers of other banks to use its ATM network.

  • Wokstar on 24/09/2017 - 13:50
    +1

    This is great…but when is ApplePay coming for 3 of the big 4 left?

    • duchy on 24/09/2017 - 19:40

      This!

  • itslittfam on 24/09/2017 - 13:50
    +2

    Great news! ANZ and Westpac have followed suit!

    http://www.theaustralian.com.au/business/companies/commonwea…

    However, I am still #TeamING, I have had a $4.50 atm fee refunded from a dodgy as pub in some rural town in NSW.

    • Ruckmauler on 24/09/2017 - 13:58
      +1

      whoa - did all the fat cats get drunk and smoke the wrong cigars in their club on Friday night!

    • freemoneyhunter on 24/09/2017 - 15:43

      You probably didn't withdraw the minimum $200 to avoid fees.

      • aleayr on 24/09/2017 - 16:20

        He's saying it did get refunded and that ING (or Mac Bank) is still a better deal because the dodgy as pub isn't going to have a big 4 ATM in it, so if you're not with a bank that actually refunds fees, then you'll still have to withdraw cash before going to the pub to avoid the fees. You don't need to withdraw a minimum of $200 for ING :)

  • Ruckmauler on 24/09/2017 - 13:54

    Great post. Look I am not complaining - but I don't understand the logic. For me I keep a CBA account (free CDIA) - just to access the CBA network. So i keep a float of around $300-$500 in there for that purpose. Now I will set it back to zero and just use my non-CBA bank account. All I see this change doing is creating more traffic at CBA ATM's - more CBA ATM's running out of money sooner - more pain for CBA customers.

  • The Gent on 24/09/2017 - 13:55
    -5

    Soooo…a move which disadvantages Commonwealth customers like myself (more people using the ATMs, more cash being withdrawn so more often running out)…great move CBA! Appreciate ya!

    • Cheapskate Paul on 24/09/2017 - 13:58
      +1

      It's OK. The other banks are moving already which will be good for us all.

      • The Gent on 24/09/2017 - 14:58

        Ahh I see - well that is good news. :)

  • Cheapskate Paul on 24/09/2017 - 14:08
    +5

    "ANZ’s group executive Fred Ohlsson said the bank knows the charges is (sic) “most unpopular.”

    “This is another example of acting on customer feedback as well as genuine reform from the industry,’’ he said."

    Utter bullsh**. They can't implement it until "early October" so that shows its just a reaction to Commbank. If Commbank had increased their ATM fees then I'm sure the other big banks would have jumped on that bandwagon too.

    I fully expect the pollies to be out soon claiming how they have been so successful at "putting downward pressure on bank fees".

    But I'm being far too cynical!

  • bailbondsh on 24/09/2017 - 14:16

    Another reason why being a commbank customer sucks

  • paloverde88 on 24/09/2017 - 14:20
    +3

    "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."

    As I recalled, they acted on customers feedback first raised in 2001 and only acted on it in September 2017

    Nice try

  • mikezillakind on 24/09/2017 - 14:50

    suncorp?

  • musicbiz on 24/09/2017 - 14:57

    Biggest loser is ING…. after dragging us in with paywave cashback, loan repayment cashback, low interest rates and fee free ATMs, then dropping cashback and upping their interest rates they now have NOTHING to keep customers.

    • duchy on 24/09/2017 - 19:43

      They still have Apple Pay…

  • Armin65 on 24/09/2017 - 15:11

    Well, it's time for ING to get 2% cashback offer back! Otherwise, there's no benefit in investing 1k/month to be eligible for free cash withdrawals…

    • freemoneyhunter on 24/09/2017 - 15:32

      Yes that is exactly right, I was just thinking that same thing, if I did need to deposit money, I would rather go to a bank than a post office. I did notice ING are giving away a free $12 lunch voucher if you go to their Sydney store for a free home loan health check. The 2% never really did much for me, I spend about $75 a week, work I use their fuel card.

      "How's your home loan?
      Get a free home loan health check. And a free lunch.
      Nick's here to help. Only at ING Lounge. 60 Margaret St Sydney. "

  • ronnknee on 24/09/2017 - 15:21
    +4

    This is just amazing!

    You know what this reminds me of? Frozen drinks were around $4 at all the fast food restaurants until Hungry Jacks decided to price them at $1. Soon after, McDonald's and 7 Eleven followed suit. When KFC introduced their frozen drinks, they also priced them at $1.

    • murkywater on 24/09/2017 - 15:27

      Yeah. $4 for those slurpees was a massive rip off.

    • jace88 on 24/09/2017 - 16:29

      Pity the cinemas haven't done the same… which is the one place I do drink frozen Coke.

      • cybapete on 24/09/2017 - 18:25
        +3

        Reading Cinemas have they dropped their prices to $10

      • Neoika on 24/09/2017 - 18:46

        Select session movie tickets are all $10 via free Hoyts rewards and Cine Buzz membership.Pay instore to aviod booking fee and save even more by using giftcards.

  • od810 on 24/09/2017 - 15:24

    All big 4 banks have dropped the fees. This is amazing:
    http://www.abc.net.au/news/2017-09-24/commonwealth-bank-and-…

  • Cheapskate Paul on 24/09/2017 - 15:31
    +6

    As predicted, the pollies are taking the credit. It's nothing to do with bank scandals at all!

    "Treasurer Scott Morrison pointed to Federal Government pressure as the reason behind the CBA's decision.

    "The Turnbull Government has been working hard to ensure bank customers get a better deal and this is further evidence we are getting results," the Treasurer said in a statement."

    • grog on 08/10/2017 - 19:16

      ""The Turnbull Government has been working hard to ensure bank customers get a better deal and this is further evidence we are getting results," the Treasurer said in a statement.""

      Bullshit

  • Cheapskate Paul on 24/09/2017 - 15:39
    +4

    There may be a downside to this, although it shouldn't outweigh the benefits. It's quite probable that banks will invest less on new ATMs, as it may be cheaper to just let customers use other banks' machines. That would be a shame.

    • jace88 on 24/09/2017 - 17:23

      Surprised you got downvoted because I agree there is this risk that there is less incentive for the banks to invest in ATM networks.

    • duchy on 24/09/2017 - 19:45

      With more and more people adopting cashless, that was about to happen anyway.

    • UFO on 24/09/2017 - 20:37

      Bingo to Cheapskate.

      The benefit to the banks is sharing the costs of a service being used far less.
      Now instead of 3 ATMs in eyesight from different banks, it'll be one.

      Less ATM's = Less Costs to them, and I think the savings they'll get from this will far outweigh the drop in ATM fees to us.

  • jace88 on 24/09/2017 - 16:28

    Great time to be a Citibank customer… :)

    • atlinus on 24/09/2017 - 16:49

      for what benefit than other banks?

      • jace88 on 24/09/2017 - 17:22

        As in, if you're a non Big 4 bank customer, you get the benefits of their ATM network without having to be a customer of those banks.

        • Cheapskate Paul on 24/09/2017 - 17:30

          And even if you are with one of the Big 4, you now get free access to a lot of other ATMs. Everybody wins, except the Big 4, but I'm sure they'll find a way to make up for lost ATM fee income.

        • freemoneyhunter on 24/09/2017 - 18:25
          +1

          @Cheapskate Paul: Probably part of the banks push to go cashless, if they are not making any money on ATM's they can be justified to get rid of them saying they are unprofitable, making it harder for people to get their money out of a bank.

        • Cheapskate Paul on 24/09/2017 - 18:31
          +2

          @freemoneyhunter:

          You are probably 100% correct. Kill it and then exclaim "oh look, it's dead!".

      • atlinus on 25/09/2017 - 09:59

        I have not use any other ATM for ages….

        Im mainly using Ubank / ING.

        Use Coles(no annual fee) creditcard or ING everday for purchase/payments.

        Take out money/cash from EFtpos at Woolies/Coles (self-service) and i took out $200 to get 0.50 cents cash back from ING if I think I am ging to need cash.

        • I make sure I paid/zero ALL balance in credit card every month.

        It is going to be a battle of high interest rate and more flexibility among banks.

  • freemoneyhunter on 24/09/2017 - 17:08
    +1

    The pollies should be pushing the banks more to give higher interest rates to savers of around 10%-20% because the banks use the depositors money and loan it out 10 times the amount at 4% for home buyers yet still only give well under 3% to depositors. If they can make 40% return on the deposits, they should be paying more than under 3% for those deposits.

  • demiurge on 24/09/2017 - 20:30

    Good bye ING…

  • UFO on 24/09/2017 - 20:33
    +2

    Meh… too little too late.

    They've been smashing us with ATM fees for years, and NOW…. with the advent of PayWave/PayPass I can't remember the last time I used an ATM (used to do so at least a few times a week). And it's a recent phenomenon.

    The banks have got all this infrastructure out there and far less people are using it, especially since you could also go into Coles or Woolies and get a free withdrawal anyway.

    Greedy bloody banks. All of a sudden when people aren't using their 'services' anymore they'll make it free, but when in huge demand they'll scalp you for it.

    The cost to them by dropping these fees considering the much reduced usage I reckon would be negligible.

  • ElCheapoo on 24/09/2017 - 20:50

    NAB has done the same: http://news.nab.com.au/nab-removes-atm-withdrawal-fees

  • ggrant on 24/09/2017 - 21:46
    +1

    Like a moron, feeless for the very first time. Like a mor or or or on…

  • T1OOO on 24/09/2017 - 23:02

    Just means they can not close more atms around the place and it be cheaper to run as I only need 1 not 4 from the big 4.

  • Lancerx on 25/09/2017 - 01:58

    This thread gotta be one of the weirdest ones with high + votes…how is atm fee waiver a real bargain… Real ozbargainers should always have ING direct card ;)

  • ozzpete on 25/09/2017 - 03:32

    I think that many are upvoting this, because i am sure many ozbargainers have become frustrated over the years with the atm fees. We all love a bargain, and love chasing a good deal, therefore it just goes to reason, we especially hate being ripped off or getting a bad deal.
    I cant help but wonder what the bank's motivation is for this though. Wonder if they get some small amount from the other banks when the Commonwealth banks atm are used for say a westpac transaction. It would be fair for them to get paid something (a very small amount) by westpac for this service.
    They have definitely been ripping us off for years though . And Im sure this is great for customer goodwill

  • boomramada on 25/09/2017 - 09:08
    -6

    This is simply not a deal when we come towards cashless society. Just like saying, free sms are deal for current mobile plans, we used to pay 20c for it.

  • AMLagonda on 25/09/2017 - 11:44
    +2

    This is not even a bargain!

    Banks will alway get their money out of us somehow one way or another.

  • visca on 25/09/2017 - 14:15
    +1

    Real ozbargainers should not have ever been paying these fee, I certainly don't remember ever falling for this rip-off by the banks.

    As for the fees being removed its nothing more than a publicity stunt by the banks. The use of cash is on the way down and will be even more so once the technology of wireless pay systems become more widely acceptable. What you are likely to see now is machines being removed out of the system, less maintenance costs for the banks. Where there is a teller by another bank the others will not be installing theirs. At the end of the day the banks will never give you a free lunch.

    • Cheapskate Paul on 25/09/2017 - 14:36
      +1

      Just out of interest, how does one become a "real" ozbargainer in your opinion? Have you always been a "real" ozbargainer, or did you start as something else?

      I have only recently joined ozbargain and I'm learning a lot and saving a lot too. I love it! I've seen a number of posts like yours, and it seems there is a bit of a culture here where anyone who doesn't know all the tricks is considered a bit gullible or even a fool. It spoils the experience for me a little.

      Going by the number of positive votes on both this deal plus the similar one for ANZ, Westpac & NAB, it looks to me like quite a few people found these deals/posts useful, so there may be a lot of "not real" ozbargainers using the site and learning new tricks too.

      • visca on 25/09/2017 - 15:28

        Hi mate, didn't mean to label you or anyone else here or say that I do it better than you or anyone else. Perhaps inappropriate choice of words on my behalf, so accept my appologies. The point that I wanted to make is that the fees were/are quite easily avoided.

        The banks were making money by having the fees in place so I agree with you that the removal will mean that there is a saving.

  • skinny on 25/09/2017 - 16:43
    +4

    Thank you, Bought one… wait what is an ATM?

  • ribze1 on 25/09/2017 - 22:23

    Well done CBA.

  • bluesix on 26/09/2017 - 12:32

    "No ATM Withdrawal Fees No Matter Who You Bank With"

    • unless you are a CBA customer and use a Westpac/NAB/ANZ ATM, then you'll be charged fees - so it kinda DOES matter who you bank with.

    Thanks CBA.

  • db2k on 30/09/2017 - 13:22

    Forgive my ignorance, but I don't understand how this is a 'deal' with 1,000+ upvotes, as I would have thought it's a standard product that's available to everyone?

    I would have thought a definition of a 'deal' would be like … RRP $3000 TV, laptop etc … on sale for $2500 until XX date, through YY store…

    • Cheapskate Paul on 30/09/2017 - 15:37

      Here are a few other recent examples that don’t fit your definition of a “deal”:

      https://www.ozbargain.com.au/node/332824
      https://www.ozbargain.com.au/node/332800
      https://www.ozbargain.com.au/node/332586
      https://www.ozbargain.com.au/node/332018

      I wouldn’t call you ignorant. You just have a different opinion to a lot of other people. There’s nothing wrong with that.

      • db2k on 30/09/2017 - 19:37

        You're too kind, I just don't know the definitions on here …

        Re your links, here's my 2c on 'Deal' or 'No Deal'

        1. This could be classed as a 'Deal' as the title suggested are usually paid games, so it's a special offer as they are free .. however on randomly checking, they are now all free … so if they are free all the time, then I'd say it's not a deal.
          https://www.ozbargain.com.au/node/332824

        2. This is one of the Google Play offers, which sometimes offers Paid apps for $0, and in this instance it showed me $0, and it shows that it's usually $3.99, so I would say it's a deal
          https://www.ozbargain.com.au/node/332800

        3. Jack Ma book is $0 for Kindle, but doesn't say if it's usually at a chargable price … so if it's always $0, then I'd say it's not a deal
          https://www.ozbargain.com.au/node/332586

        4. Same as 2, as it's usually $3.99 and Google Play show's its on sale for $0, so it's a Deal (unless it's permanently free)
          https://www.ozbargain.com.au/node/332018

        What do you think? I'm just interested to hear people's perspectives, perhaps it will change my view and broaden my understanding or definition.

        EDIT:
        Just looked up the definitions, and whilst it's not explicitly stated I would say that permanently free items like Phone Apps, or this bank offer - would be classed as the same category as "Free ware" or "Free websites", as the aim for those is something that is available to everyone, all the time … again, only just my interpretation, so I would be happy to read how others interpret or receive examples to help me broaden and increase my understanding!

        https://www.ozbargain.com.au/wiki/help:deal_posting_guidelin…

        • Cheapskate Paul on 30/09/2017 - 19:46

          "What do you think?"

          None of the deals that I linked to have an expiry date so none of them meet your definition of a "deal".

        • db2k on 30/09/2017 - 20:22

          @Cheapskate Paul: but in context, I detailed examples of items that are "free all the time 24x7" vs items that are "usually at a cost, but free for now" … but you are right, there is no time time frame mentioned, so it maybe free forever (Not a deaL?), or may go up tomorrow (Deal?). Who knows.

          Also in context, I provided a definition from the OZB for reference, not sure how it may apply in these situations…

  • hawkers8905 on 11/10/2017 - 08:08

    Who uses ATM's anyway?

    Cash out whilst grocery shopping, or just get cash out from the self serves (WW - no need to purchase anything)

    Scrap ATMs altogether and put the costs of maintaining ATMs back into improving and offering better services to customers like % rates, lower CC fees, better rewards.

    • Cheapskate Paul on 11/10/2017 - 19:09

      This may suit you, but you are not the only person to consider (unfortunately for you).

      Given that it has been widely reported that Australians made more than 250 million ATM withdrawals from banks other than their own in 2016, I'd say the answer to your question is: Quite a few. I haven't seen the figures for ATM withdrawals from peoples own banks but I would expect that number to be significantly higher than 250 million.

      • hawkers8905 on 12/10/2017 - 11:21

        Would be interesting to see how old those people were, I bet it will be those who are older.

  • dakum on 20/10/2017 - 19:21

    lol had this with another bank for the past 7 years… dunno how some people think other banks are following commbanks suite…

  • MelbourneWest on 21/10/2017 - 10:55

    Am loving how the banks not charging for ATM use is starting to become more popular, about time and glad to see lots of them getting on board.

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