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The Big Four banks to cease charging ATM fees

By | 2 October 2017

Commonwealth Bank has confirmed that it will cease charging a  fee for other customers of Australian banks when they use CommBank ATMs.

Previously, if you were a customer of another Australian bank and chose to use an ATM, you would be hit with a $2 fee from CommBank, Westpac and NAB, or a $1 fee from ANZ.

Following CommBanks announcement, Westpac, NAB and ANZ all quickly confirmed they will also cease charging for ATM withdrawals. Industry estimates of the impact range as high as $500 million per year in lost profits for the banks.

"Australians have complained for some time about being charged fees for using another bank's ATM," CBA group executive for retail banking services Matt Comyn said in a statement announcing the move. "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."

The free use of the Banks ATM networks for withdrawals only applies to Australian cards, with overseas travellers still being charged a ATM withdrawal fee. Furthermore the change does not apply to Bankwest ATMs, even though CommBank owns Bankwest. 

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