ATM fees pressured under RBA plan
September 1, 2007 - 6:59AM
Fees for using the ATMs of banks other than your own could be cut or disappear altogether.
The changes are part of a Reserve Bank plan to abolish the hidden fees banks charge each other on these transactions, Fairfax newspapers report.
From October next year, banks will no longer be able to charge each other when non-customers use their ATMs, a system that has been used as the excuse for some banks to charge customers as much as $2.50 per withdrawal.
Instead, customers will pay the owner of the ATM, not their own bank.
Any fees will have to be disclosed on screen and approved.
The Reserve Bank predicts competition between banks will drive down or even abolish the fees.
A spokesman for consumer group Choice said users of busy inner-city ATMs would benefit, while regional customers would probably miss out.
ATM fees pressured under RBA planSeptember 1, 2007 - 6:59AMFees...
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