Bankwest limits free ATM access

Bankwest’s deal whereby it pays all foreign ATM fees for its customers is coming to an end. It seems that many Bankwest customers chose to use expensive third party cash machines, which pushed costs up to unsustainable levels.

From November 2009 the Bankwest Zero transaction account will pay foreign ATM fees for its customers only when they use an ATM owned by one of the other big four banks (including Commonwealth Bank, the owner of Bankwest).

Customers who have opened a Zero account between May 1 and July 23 2009 will have the previous deal ‘grandfathered’ for six months, then they too will get free ATM access only from a big bank ATM.

“The customer goes to the machine, presses the button to accept the fee to complete the transaction but we pay the fee on behalf of the customer,” said Paul Vivian, BankWest’s head of savings and deposits.

Source: The Sheet