ATM Fees Get The Axe From Four Big Banks

Australian’s biggest banks have decided to axe ATM’s fees for customers of other banks.

Commonwealth Bank (CBA) announced on Sunday that they were axing ATM fees and it wasn’t long after, that the other three major institutions followed suit. The $2 withdrawal fee accounts for approx. $250 million charged in the past year, RBA data revealed.

This multimillion dollar win for customers means regardless of which bank you are with, you will be able to access ANZ, BankSA, Bank of Melbourne, CBA, NAB and Westpac, without paying any fees.

Treasurer Scott Morrison, said Australian’s were “sick and tired of all these fees which mount up” and is adamant in making the banks fairer, stronger and more accountable, for the customers benefit.

The Treasurer has assured customers they will be keeping an eye on the banks to make sure those costs aren’t being made up somewhere else.

With ING Direct, ME Bank and Bankwest already making efforts to abolish ATM fees, we hope this means the end for ATM fees all together. Keep in mind this may not happen immediately, ANZ Group Executive Fred Ohlsson announced the fee would be dropped across 2300 nationwide by October 2017.

Make sure your bank is ATM fee free, compare bank accounts today.