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
Commercial landlords can get debt relief from their bank, if they don’t terminate leases or evict current tenants for rent arrears due to COVID19.
Helping businesses to remain viable and keeping people in their homes is good for everyone.
Today’s announcement by the Federal Government of a second stimulus package, which includes an SME Guarantee Scheme and direct cash grants, will help keep businesses open and save jobs, building on the measures already announced by banks on Friday. The SME Guarantee Scheme which allows for further funds to be injected into small business will… Read more »