ATM fees on the rise
From next month, ANZ bank and Commonwealth Bank customers will be paying a $2 fee if they decide to use another banks Automatic Teller Machine (ATM).
The new fees will see all four major Australian banks charge customers $2 for using other bank ATM's. It costs the banks about half that to process your transaction.
It's interesting to note that the advent of ATM machines saved the banks an absolute fortune in terms of staff production time lost serving customers at the counter.
The Commonwealth Bank believes the fee rises are not excessive, just bringing them to the same level as their competitors.
Which in itself is a valid point. But with so much competition for your business amongst the banks who are offering zero and low balance transfer credit cards, as just one way to attract other bank clients, why would they not want to offer a cheaper product to their customers than that being offered by their competitors?
It seems the only way around these types of fees is to open a bank account that covers all your ATM transactions in the monthly fee or be diligent in only using your own bank's ATMs.
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