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
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.