Transaction fee warnings on Westpac ATMs
Westpac has revealed plans to put warnings on its automatic teller machines (ATMs) informing non-Westpac customers that they will be charged a fee for using the ATM. At present, consumers using another bank's ATM – also referred to as a “foreign” ATM – are charged a fee of about $1.35 per transaction. These fees, known as interchange fees, have proved lucrative for the banks and have come under attack by the Federal Government and bank regulators. Westpac's move comes after last year's joint inquiry by the Reserve Bank and the Australian Competition and Consumer Commission (ACCC) which called for greater transparency in the pricing structure of interchange fees. Meanwhile, Westpac has called for other banks to follow its lead in the interests of transparency for consumers.
Find out more about bank interchange fees by reading our article Consumers to win card fees battle.