New ATM fees to affect banks charges
Tuesday February 10, 2009
There has been a call for banks to cap bank fees for rural customers when using a different ATM from their own bank.
The call is a result of the Reserve Bank of Australia implementing new rules as of next month which may result in rural ATM owners being able to charge any ATM users a direct fee for use of their machines as long as the fee is displayed to the cardholder before any withdrawal approvals.
The Reserve Bank's new rules are due to commence from March 3rd onwards and will see the Reserve Bank eradicate banks interchange fees that they place on each other when a customer uses any ATMs different from their own card lender.
Presently, banks are charged a $1 fee by other banks when their customers use a different banks or credit unions ATM with that fee then passed onto the customer themselves at a higher rate. Now banks and credit unions won't be charging each other, but there are no rules saying that customers can no longer be charged.
In a submission to the Reserve Bank, the Consumer Action Law Centre has suggested that banks cap fees for rural cardholders as they would be the ones who would be most at risk of higher fees due to banks having less competition than in metropolitan areas.
To date, the National Australia Bank has already told customers that they will be subjected to an additional 50 cent fee when using another banks or credit unions ATM.
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