ATM Fees Cost Australians $627m

[icyfroth]

AUSTRALIANS are wasting $627 million a year on ATM transaction fees that can easily be avoided.

Being gouged several dollars each time a transaction is made from an ATM not owned by a customer’s banking institution has seen Australians spend an estimated $627 million in the 12 months until April, RateCity analysis shows.

Laziness is often blamed for customers getting stung with ATM withdrawal charges when they use a machine that is not their own bank’s or one within the bank’s network.

Australian Bankers’ Association’s chief executive officer Steven Munchenberg says not all ATMs are owned by the banks and were instead privately owned.

He says there were ways around being hit with ATM withdrawal fees.

“About half of ATMs are privately owned and not owned by the banks and the fees you pay at the private ATMs can be higher than what you pay at a bank ATM,’’ he says.

“We have seen a change of behaviour, cash out is increasingly with EFTPOS transactions, but about 80 per cent of ATM transactions are banks’ own customers.

“The ($2) fee has remained the same for five or six years and it has not gone up.”

Entire Article Here

$627 mil

Geez all those little $2s and $2.50s sure add up don't they?

I have to be desperate to use another bank's ATM or a privately owned one. I go out of my way to use my own bank's and know where they all are in my general run.

[cherry*135]

I never pay ATM fees, use my own bank.. Reditellers are everywhere.

[ashjoma]

I know

I found myself in need of desperate money last week

I had to get money out

$2.50 cost  and $2.00 for the balance prior to receiving the money

I hope I do not do this again !!!

[icyfroth]

At my local bank it actually costs you $2 to make an over-the-counter withdrawal as well.

[lurker172602]

Because I'm at my local Woollies most days (it's almost like my corner store) I use their "cash out" facility when I need cash. I hardly ever use an ATM these days, my bank or any other.

[imastawka]

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@am*3 wrote:
I never pay ATM fees, use my own bank.. Reditellers are everywhere.

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 I belong to a co-op.   Won't have my money in a bank.

 But they keep changing where I can withdraw without a fee. 

 Used to be Reditellers. They were handy - everywhere.

  Now they've changed ATM's again.

[cherry*135]

I have made over the counter deposits into my own bank accounts at 2 diff banks lately and there was no fee. I knew one of the banks doesn't charge for over the counter transactions, but was surprised the other bank had no fee for that.

NAB have a delay now when you deposit cash in their ATM, it used to go in same night it was deposited on (if a business day).

[katymatey*]

My closest atm is actually in the foyer of a supermarket. I just go in, buy bread, milk or whatever and pay eftpos. Cheaper, and I will use the food eventually.

[ten*teeny*tiny*toes]

No way will I pay $2.50 to use another banks atm. There are so many other options!

I just wish I could teach my son that, he used to use the atm at work because it was convenient and got slugged in fees.

Am3, I worked at NAB for 10 years, I don't think there's a rule for atm deposits. We'd clear them in the morning and process them, but if we forgot... or they came in after we'd taken them out, they would sit there until the next day. Armaguard used to service and stock them, but we'd process the deposits manually in branch.

[cherry*135]

I think NAB have made recent changes tttt.

The staff told me they are no longer allowed to open the back of the ATM anymore. If a card has been left in the ATM and sucked into the machine only Armaguard can open it now. Armaguard destroy the cards and supposedly let the bank know details of the found card so it can be cancelled.

6mths ago I left my card in their ATM and the staff found it at the back of the ATM. They can no longer do that.

When I made a recent ATM deposit, a message came up that it may take up to 48hrs to process. If the staff can't open the ATM that would affect deposits as well.