Cut ATM fees fast, says Cashcard

Cashcard has urged the Reserve Bank to consider a cap on ATM fees and to re-regulate the ATM market. Submissions to the RBA on possible re-regulation of the ATM and EFTPOS markets close today, with the central bank then to decide whether to proceed on bringing the markets under its control – known as designation.

Cashcard's submission calls for a cap on “foreign” ATM fees at $2.50; customers now pay a maximum of $1.50. Cashcard also wants processing fees charged by the card-issuing bank to be capped at 15 cents. The ATM operator also wants to retain a lower interbank fee for smaller institutions so that their customers won't incur higher fees when they access ATM networks such as Rediteller and Cashcard.