Inquiry finds ATM fees excessive
The results of a Government inquiry into bank interchange fees have been released today recommending that the fee charged to consumers when they use another bank's ATM be abolished. At present, consumers are charged between $1.50 and $2 for each transaction made at a ‘foreign' ATM. The parliamentary committee found this charge excessive compared to the true cost of the transaction at only 50 cents. Therefore, the committee has advised that banks introduce a direct charging system that would see the institution owning the ATM setting the fee encouraging competition. The committee also suggested that electronic banking fees be displayed on automatic teller and EFTPOS machines.
‘Banks should scrap some ATM fees: inquiry', smh.com.au, 08/02/01.
Find out more about bank interchange fees by reading our article Consumers to win card fees battle.