Multiple banks are now dropping ATM fees in order to match Commbank. This now makes a total of 4 Banks who have dropped fees. Stay tuned on this thread for updates.
MOD: This post merges all other banks' responses to CommBank's announcement of removing ATM withdrawal fee.
The fees have been paying for their free lunches.
Those fees did not represent the actual cost in accessing a 3rd party bank.
i remember when they never had fees on the atms to start with. then after we got hooked using them fees came into place.
The dominoes are falling.
I prefer my local pizza shop anyway.
Does anyone know if my Citibank plus card will be charged a fee at commonwealth ATMs ? (It has always been fee free at Westpac/St George ATMs).
It will not.
eeples.
You really need to understand banking a bit more, otherwise they will get you every time. (not a way to get your gold ozbargainer badge)
You had been charged by the bank who's ATM you were using. Its NOT a charge than you bank applied. You thought it was because they transferred it out of your account to the ATM owner rather than you paying on the spot. This fee will still be charged if you use an ATM that is not owned by the banks droping the charge.
At time of writing thats the ones like those in clubs, Rediteller etc, BankWest
Citibank had an agreement with Westpac, so in effect they picked up the fee - probably heavily discounted to them.
Meh. Only time I touch physical money is at work. Easier to keep track of expenditure via online banking. I even pay my mates via EFT or PayPal these days if they need money from me.
If in 2017 a small business doesn't accept EFTPOS, they don't deserve my custom. Put it this way, almost all local musicians have EFTPOS facilities for merch. If the struggling musician can offer it, anyone can.
Experienced it in the UK in 2000. ATM Fee amnesty between banks made obvious sense to me. Only took 17 years to arrive. Ridiculous.
"That's one small step for banks, one giant leap for Australian consumers."
Pretty clear reason behind this move (apart from free PR). ATMs are used far less today than they were 5-10 years ago. I remember going out every weekend, having to withdraw enough cash for the night, seeing queues at ATMs 10-20 long. All that has disappeared since just about every bar, pub, club and restaurant now accepts credit card, pay wave / pay pass etc. Now even Apple and Samsung are jumping on the e-payment bandwagon. I still have a $50 note in my wallet I withdrew around a year ago "in case I needed cash" and haven't spent, because cash is just so inconvenient these days.
Having a $50 note is dangerous, the police could suspect you to be a drug dealer if they check …..đź¤
Wow what do you use to pay for small things? I.e. Drink, coffee, piece of fruit when your out and about?
paypass or byo. the market for e-payments has gotten to the point that both merchants and payment processors realise they have to drop their fees to be competitive. I only use cash if I really need something and there's an eftpos minimum. Otherwise I try to take my business elswhere, as minimum spends are a nuisance and shouldn't be encouraged.
Must be old school then… always bust out the cash when I goto farmers markets etc.
I have a wallet that only holds cards. I simply won't buy anything from a shop/cafe if i'm under the eftpos limit.
Does it really make sense to drop the fee on the cost of a fixed network when usage is declining?
If it does, explain that to Australia Post - they keep hiking the cost of stamps above inflation due to shrinking mail volumes.
Finally one of the biggest rorts of all time ends.
Just need the big 3 to facilitate Apple Pay
This is kind of like making payphones free (which should also be done).
Machines at the end of their era.
Banks don't give up profit freely. Keep an eye out for other fee increases or changes in rates, etc.
It's like the Governments/Councils and speeding or parking fines; they say it's a fee we don't have to pay (which is true) but it's such a big part of their budget estimates they just won't let it go either.
They'll start closing ATMs because no one is using them, that'll be the next step. No one needs them when they can withdraw cash from the supermarket. And now they won't need multiple ATMs at one spot. Like NAB next to a commbank, westpack, anz ATM.
It will be things like overdraw fee increased or cheque dishonour fee increased.
I think this is just smoke and mirrors.
Now the big 4 are not charging fees and you can use any one of the for free, watch the big 4 now start to withdraw a lot of ATM's from non branch locations such as shopping centres etc. They only need one in that particular location now rather than each have one.
It cost banks to have the ATM refilled 1,2 or 3 times a week plus the rent they may pay
Agreed, this isn't example of competition, but of collusion. Wrong people are cheering.
These fees should have never been inflicted on ATM users in the first place.
Electronic banking was sold to consumers as being time saving, cheaper and efficient.
Then the greedy banks stung us all and milked us for years.
This is not* a deal and certainly **not a bargain.
Should be in forums.
I also suspect they've done this at a time where ATMs can be interactive (with smartphones) and play video.
So they'll use them to advertise and market themselves to convert competitor's customers across.
So. The banks sat around and worked out:
-ATMS are expensive. The only reason they have so many is to "compete" due to the fee, i.e when they are grouped together at shopping centres
-Removing the free means 75%+ can be removed
-whereas shopping centres used to charge banks to put ATMs there (competition again) I'm sure now they will state they are removing them unless rent isbfree., Or shopping centres pay them to have them there.
Voting no deal because it simply is not a deal.
It saves me nothing, and is already offered by a number of banks.
As such i don't feel it meets the criteria for a deal, even if its 'about time'.
Couldn't agree with you more yet this "deal" has so many + votes. I guess there must be lots of people using this site that pays for ATM fees.
I don't understand how this is remotely anything like a deal, its a change of policy. Honestly just as bad as when people put preorders/RRP "deals" up but those are slightly more relevant as you're buying a product.
Agree been with a credit union for the past 10 years after leaving the banks!!! Fee free too for that long
i hardly think this is a deal too.
its the same as price matching, if a supplier has a deal on here and a competitor matches the price, do we suddenly go crazy?
Why celebrate what a bank should have been doing all these years ago?
Watch, The banks always win, every bank ATM receipt will have bank offers and deals on the back of them to entice you to switch over..
Now they are all in on it - this can only mean one thing. We are being softened up for interest rate rises.
Hah! been fee free for 10+ years in England (and plenty of other countries) to get cash from any ATM. Australia is finally catching up.
I'd just like to have been the fly on the wall at the banker's club when the cartel chiefs agreed to all cut fees together.
If there was ever evidence of collusion in the banking industry this is it.
As if CBA can announce on a weekend these fee cuts - and Voila!! … like magic all the other cartel members can instantly follow.
If you believe all this was not pre-agreed and pre-arranged then you believe in fairies at the bottom of the garden.
Each empire needed time to crunch the numbers on this.
It's pretty clear that there was backroom chat between the big boys going on well before this weekend.
Just another reason why a Royal Commission into this cartel-like behaviour is certainly warranted.
Completely agree.
Whenever us as a customer needs anything from them, they are more than happy to stuff you around, put you to the proper department, etc.
Now, and on a weekend (Sunday), they can ALL proceed with this - utter rubbish!
This should be the top comment!
Egit: You've made me realise I should neg this "deal".
You may want to hold your horses people. Remember, only Commonwealth Bank has their systems up and ready running whereas the other banks have only made announcements, with actual changes to systems yet to be made: https://twitter.com/Westpac/status/911808622354513920
So now those ridiculously high fees at he casino and pubs when you need to gamble and withdraw are gone nice savings now each time u loose money there no need to spend extra $2.90 when withdraw woot.
Yeah if you are at the casino then you could be loose with money :)
Ah no. Only the big four banks have stated they won't be charging ATM withdrawal fees. Third party ATMs will still be charging fees.
Does anyone know if Bank of Sydney charge fees if I was to withdraw from Westpac or Commonwealth Bank?
Check your PDS or T&Cs?
Actually many countries already has no fee withdraws for every banks it's a very standard feature so pretty much there's no existence of it, which has been going for years. I am suprised that our banks have finally catched up.
I think what a lot of people are missing is that this offer is different to ING's offer.
All this means is that regardless of your financial institution, they won't charge you fees to use their ATMs. I don't know what motivates them to do this since they get no benefit as it is only benefitting customers of other banks…
ING Direct's offer means you can use ANY ATM such as those at events etc that charge upwards of $3 to use and ING rebates this.
Benefits them to share the cost of one ATM perhaps at any one location if they team up. They must have worked out that the cost of having ATMs at each location far outweighs the cost of charging a fee to non-customers.
anyone knows if ubank has followed it's parent?
Ubank doesnt have any ATM's - You are confusing the fees on an account vs fees on using a foreign ATM. (foreign meaning that of another bank)
No, ahh you're right!
i was thinking this the other way around.. thanks!
Does this means the banks refunds the amount like ING? So third pary company should do the same.
This is simply is not a deal when we come towards cashless society.
What happens if you want to buy eneloops off Gumtree and you have no cash on you, and on the way to the meet up location there is only 2 ATM's, one that charges fees and one of these fee-free ATM's, is it a deal then?
Bitcoin
Lame excuse, before you do your meet up, you can drive pass a ATM. I haven't been on your situation for past 10+ year.
Even the Airport covers most of the banks these days.
I don't buy Eneloops off Gumtree. Too many fakes on Gumtree.
Whats the bargain?
Guess I got no use for ing direct account eh.. Or can it be still fee free at those private bar or convenience shop atm?
Or can it be still fee free at those private bar or convenience shop atm?
Why would this announcement cause ING to stop offering fee-free ATM use at bars, convenience stores (and casinos)?
The banks as a collective will lose multimillions they will just charge something else to recoup costs
I have'nt used an ATM in years, I get cash out at the checkout.
WHY?
I don't understand why they are doing this, they are losing free money for no benefit.
What's the angle here?
The Commonwealth Bank was the first to abolish the fee early on Sunday, citing ongoing consumer unhappiness with it as the reason for the decision.
http://www.theaustralian.com.au/news/latest-news/commonwealt…
Sounds like this guy figured it out:
https://www.ozbargain.com.au/comment/5109773/redir
And here's the "WHY?"
https://www.ozbargain.com.au/node/331575?page=2#comment-5109…
This fee was a laziness fee/tax I have never paid. I'd rather companies especially insurance ones have a real deal on the offer sort of laziness tax which is more like the "screw loyalty tax" where customers lose out staying for a second year. That would be an actual bargain.
Worked at St Leonards for the past two years using NAB no ATM for like a 5-10 min walk. Have ANZ right below the building and now I'm moving.
Banks' ATM fee moves an attempt to stave off a royal commission
http://www.abc.net.au/news/2017-09-25/banks-atm-fee-move-to-…
Great, now we just needs banks to drop credit card merchant fees so customers don't have to pay credit card surcharges!!!
Not a bargain. This has no "stock", is not time limited, and belongs in the forums. Plus fee free banking has always been available elsewhere, so its not even a new low price for a service.
This is just an announcement - belongs in the forums, not a bargain in any way.
this isn't a deal
the banks charging us to begin with was a criminal act
now hold that thought of you being happy about not getting a fee when you use the ATM.
the banks will just add a fee somewhere else where we all have to pay
Well now that UBank interest rate > ING interest rate and big 4 are fee free I've moved my money out of ING. Will see if ING counter with something, but if not, power to the consumer who is able to move their cash freely to the best offering.
Just got stung $2 for using NAB ATM from ANZ bank,
Called bank. I was told the deal not starting till Oct. so it is a valid charge in Sep. WTF. Please add start date to title.
I was limping from injury. Saw the fee warming, but took the risk as the closest ANZ is another 10 min walk, $&&@ the banks.
In an NAB executive meeting,
CEO: "CBA has dropped ATM fees, what should we do?"
Exec 1: "We should drop ATM fees too."
Exec 2: "Yes, we should drop ATM fees immediately."
Exec 3: "We should drop ATM fees a few days later, not immediately. Just get the news out and someone may not read the fine print and withdraw before the effective date. Then we can get some $$$."
CEO: "Great idea. 1% off the $$$ got from ATM fees will go to your bonus this year"
Westpac is acting slow.
It won't remove ATM fee until 5/10/2017
In a Wastpac executive meeting,
CEO: "CBA has dropped ATM fees, what should we do?"
Exec 1: "We should drop ATM fees too."
Exec 2: "Yes, we should drop ATM fees immediately."
Exec 3: "We should drop ATM fees a few days later, not immediately. Just get the news out and someone may not read the fine print and withdraw before the effective date. Then we can get some $$$."
CEO: "Great idea. 1% off the $$$ got from ATM fees will go to your bonus this year"
Note, NAB have updated their announcement saying they will be ATM fee free from 13 October 2017. See updated announcement here:
http://news.nab.com.au/nab-removes-atm-withdrawal-fees/
Please update original post OP.
Unfortunately, ANZ is still "early October"….
International card @x ATM fees:
ANZ are the pick, $2
CBA $3
NAB $3
WBC stay clear, $3 + DCC fx fee options
Do you have a better link? I can't find the article you are referring to. Anyway, it makes sense given the declining demand for ATMs and provided the area is well served with ATMs that are fee-free than no one is really inconvenienced.
It would be nice if banks coordinated removals or agreed to joint funding of ATMs as a away of reducing costs without inconveniencing customers but pigs may fly before that happens.
No such thing as a free lunch. They will milk us on mortgages/crefit card fees instead. Commbank (aka money laundering central) can go suck on a big hairy one.