It's Official: No More ATM Fees From Australia's Big Four Banks

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Australia's 'Big Four' banks have decided to remove the cash withdrawal fee for using their ATMs. This means you will no longer be charged $2 for using a CBA, Westpac, ANZ or NAB ATM with your card, regardless of who you bank with. Or to put it another way, the banks are rorting us slightly less than before.

Following Commonwealth Bank's surprise decision to axe ATM fees yesterday, Westpac, ANZ and NAB have all followed suit with announcements of their own.

Effective from October, customers will no longer be slugged with a fee when they use an ATM from one of the aforementioned banks - regardless of the banking institution that they belong to. The only exceptions are overseas bank cards and different-branded ATMs owned by the big four, such as CBA's Bankwest.

Last year, more than 250 million "foreign" withdrawals were recorded by Australian banks, which works out to a minimum of $500 million in fees. A significant chunk of this extra revenue was straight profit.

It's worth noting that the timing of this decision happens to coincide with the looming threat of a royal commission into the banking sector. It could be a coincidence, or it could be a hasty attempt to eradicate an unjustifiable and deeply unpopular fee before it has a chance to be properly scrutinised.

In any event, it's good news for consumers who will no longer have to hunt for their own bank's ATM whenever they want some cash. Hurrah!

Commonwealth Bank Is Axing ATM Fees

Commonwealth Bank has removed fees for all bank customers that use its automated teller machines (ATMs). This means that members of ANZ, NAB, Westpac-St.George and other banks will no longer be slugged with a $2 cash-withdrawal fee for using CommBank ATMs.

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Comments

    It's because banks are scaling back the number of ATMs as the running cost doesn't work against an overall drop in ATM use (hello tap and go).

    By allowing you to withdraw from any ATM they don't need to have an ATM in every area. The savings on this probably far outstrips the gains by a declining $2 fee.

    They'll find another way.

    Card rental. There. Watch for that in the next year.

      Back to passbooks? HAHA. To be honest I use my phone more and more to pay.

      I feel if card rental becomes a 'thing' we'd all go towards using paypal and other forms of payment.

    Need to start hawking 'scratch protection' for ATM cads ;)

      Gotta get the rust proofing. Also the tiger protection. Guaranteed to keep away tigers (only applicable while in Australia).

    Haha, I remember when it first came in, maybe 2007 or 8 or something, and they tried to claim it was to prevent people wanting to withdraw all of their money and protect their assets by pulling in a little extra money.

    then it just never. went. away.

    Helps that no one uses cash anymore.

      I use cash at bars, mostly to help keep track of how much I've spent. But you're right, aside from that it's all EFTPOS. It's not the nicest indicator, but I've noticed beggars seem a lot more understanding when you tell them you don't carry cash these days, whereas 10 years ago they'd accuse you of lying.

        Won't be long before they're carrying eftpos machines under their camping blankets :P

    I can't remember the last time I used an ATM. Heck, it was cheaper to hit the Macca's drive through and pay the however much an ice cream cone cost at the time. It's up to $1 now I think, still cheaper than the banks. Unless you want the ice cream, then you can get that too.

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