Say goodbye to those pesky ATM fees for good.
Australia’s big four banks all announced on Sunday that they are canning ATM withdrawal fees for customers from a different bank and will finally let people access their money for free.
The Commonwealth bank was first off the rank, saying they’ve heard customer complaints are a ready to make a change.
“We have been listening to consumer groups and our customers and understand that there’s a need to make changes that benefit all Australians, no matter who they bank with. This is one of the steps we’re taking to make that happen,” Matt Comyn, Group Executive, Retail Banking Services, said in a statement on their website.
“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.”
Westpac soon followed suit, as did ANZ and finally NAB.
Banks were charging customers about $2 per withdrawal if they used an ATM from a bank other than their own.
A report by the Reserve Bank of Australia last year revealed that Australians are actually using ATMs less because of the rise of EFTPOS and Pay Pass, which make it easy for people to pay without cash exchanging hands.
The move comes as the Commonwealth Bank faces massive fines after being accused of “serious and systemic” breaches of anti-money laundering and terrorism financing laws.
The Australian Transactions Reports and Analysis Centre is accusing the CBA of neglecting to obey the law on 53,700 occasions.