4 February 2016
Sydney, 4 February 2016: The banking industry has welcomed the voting down in Parliament today of the Greens’ counterproductive proposal to ban ATM fees.
Chief Executive of the Australian Bankers’ Association Steven Münchenberg said: “Unlike the exorbitant figure claimed by the Greens of how much banks make in ATM fees, fees at banks’ ATMs don’t cover the cost of running the ATMs.
“Most banks provide fee-free ATM transactions to their customers. Banks typically charge around $2 to non-customers who use their ATMs.
“Around 60% of people use their own bank’s ATM, reducing the amount of transactions that incur a fee,” he said.
“Further to this, more than half the ATMs in Australia are owned and operated by businesses other than banks, so banning fees on bank-owned ATMs would seriously affect the viability of these businesses.
“The Greens’ proposal would have significantly limited the number of ATMs and the ability of people to access cash, and we welcome the common-sense approach from the Government and Opposition to reject it,” Mr Münchenberg said.
More information, including tips for consumers on avoiding ATM fees, is available on the ABA website
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »
ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »
Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »