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
In conjunction with the Australian Financial Complaints Authority (AFCA), the ABA is pleased to announce the appointment of former ASIC Commissioner Mr Sean Hughes as the next Chair of the Banking Code Compliance Committee (BCCC). Mr Hughes served as a Commissioner at ASIC from 2018 to 2023 and brings deep expertise in financial services… Read more »
The CSLR was intended to give basic protection to mum and dad-type investors. It should not be a collectively funded vehicle for removing investment risk from society.
Australian banks are rolling out disaster support to customers affected by the current bushfires in Victoria. ABA CEO Simon Birmingham said banks were continuing to monitor the evolving situation across Victoria and are on standby to assist impacted customers. “This is an extremely challenging time for many Victorian communities, households and businesses,” Mr Birmingham said. “There are now special arrangements in place for those who may need additional financial assistance from their bank in the coming days, weeks and months. “Banks have highly… Read more »