ATM fees dropped by the big four banks

[Strategic Aviation]

Within the last 24-and-a-bit hours, CommBank removed the fee for non-CBA customers to use its ATMs.

It did appear to be a calculated move to buy some goodwill following the financial planning, money laundering and insurance scandals, including the most recent suggestion that the CommInsure brand would be scrapped post-sale.

Whether CommBank did it for that reason or other reasons (or a combination), before long the other three had followed suit:- Big four banks drop their ATM withdrawal fees - ABC News

An interesting and rapid development that makes dealing with a cash a little bit easier.

 

[cove]

This will save my eldest son quite a bit. He seemed pretty relaxed about any ATM will do.

 

[Steady]

Com bank stated they dropped the fee because they were listening to their customers in the report I saw nice of their customers to speak up about non-customers having to pay ATM fees

 

[moa999]

It will also allow the banks to drop a bunch of ATMs where they don't have a branches and rent space from shops.

Plus I suspect the death knell for many of the independent (and often even more expensive) machines.

 

[OzEire]

Good marketing opportunity for non-customers. CBA can play ads on the machine while the 'other bank' customer waits for cash.

Then there's the other data collected ... again on potential customers. Its little wonder the other banks jumped onboard so quickly.

 

[RooFlyer]

Com bank stated they dropped the fee because they were listening to their customers in the report I saw nice of their customers to speak up about non-customers having to pay ATM fees

As both a CBA customer and shareholder, you can be assured that I wasn't one of those speaking up for other bank customers!

This from Alan Kohler in the Oz: (Google "ATM fees: the banks’ rainy-day PR win" if pay-walled)

The average ATM withdrawal is $60. That means the $2 fee is 3.3 per cent on average. A lot of people just take out, in which case it’s 10 per cent. There aren’t many things that banks do these days that pay fees of 3+ per cent.

But that $100 million in revenue is declining rapidly towards zero, thanks to paywave — the simple credit card payment system for amounts under $100, soon to be even easier, using the phone.

And the beautiful thing about paywave, as opposed to ATM fees, is that the banks charge everyone 1.5 per cent — their own customers as well as those of other banks. Well, they charge the merchants, who then charge the customers, quietly, without them knowing.

 

[BAM1748]

Com bank stated they dropped the fee because they were listening to their customers in the report I saw nice of their customers to speak up about non-customers having to pay ATM fees

First time for everything.

 

[levelnine]

In case anyone is under the delusion that the banks made this move out of the kindness of their heart, consider the following:

1. This move allows the big four banks to decommission ATMs to save costs (ie expect far fewer ATMs); and
2. This move reduces pressure on them for a Royal Commission, especially after the recent scandals to hit CommBank.

 

[Pleb Status]

I cannot recall the last time I used an ATM in Australia to withdraw cash. I normally do it at Coles or Woolies for free but even that is a very rare occurrence.

I generally try to avoid establishments that only take cash or charge to use a CC/Android Pay etc. You want my ongoing business, take a card...

However, good to note the change in heart for the future reference however.

 

[cove]

BankWest appears to have not participated. They are a business name of the Commonwealth Bank......

 

[get me outta here]

In the news that I heard, it was intimated that BW already had no ATM fees. I haven't tested it.

BankWest appears to have not participated. They are a business name of the Commonwealth Bank......

 

[lovetravellingoz]

Cash? What is it

 

[cove]

That might explain why BankWest was not on the list GMOH. I think I used an ATM 3 or 4 years ago in Australia.
I use fee free ones in London and Los Angeles.

 

[oz_mark]

In the news that I heard, it was intimated that BW already had no ATM fees. I haven't tested it.

Bankwest ATMs are a bit complicated, as the ones in 7-11s are treated differently to those that are not. From memory the fees between those two groups were different.

 

[BAM1748]

Cash? What is it

Cash is King......

 

[Strategic Aviation]

Banks' ATM fee moves an attempt to stave off a royal commission - ABC News

 

[Simo]

Customers of all the big 4 banks happy!!! Shareholders won’t be as happy!!! I hate ATM fees but have paid it occasionally begrudgingly