Depositors to pay $200 million more for ATM access

Depositors will pay an extra $200 million in bank fees if banks introduce fees for using Automatic Teller Machines that are not owned by the customer's own bank.

Under the direct charging regime to be introduced on the 3rd of March, customers will be charged a direct fee by the owner of the ATM, if that ATM is not owned by their own bank or financial institution.

The reforms were designed to end the interchange fees that banks charge each other and then pass on to their customers.

NAB and other banks are expected to continue charging their own customers a fee for using ATMs owned by other institutions.

Source: Sydney Morning Herald

Advertisement