ANZ scrapping ATM fees in Australia

Consumer group Choice spokesman Tom Godfrey said the bank's decision could mark the beginning of the end for the $2 ATM withdrawal fee

Both Westpac and CBA confirmed the fee removal would not apply to customers using bank cards from overseas.

Australia's four largest banks have abolished cash withdrawal charges for all ATM users following several scandals in the nation's beleaguered banking sector.

Bank of Queensland on Monday said it too would no longer charge ATM fees at machines in its branches, while Suncorp said its ATM fees were under review.

Say goodbye to those pesky ATM fees for good.

Banks will be the real winners when ATM fees are ditched, so it would make sense for New Zealand banks to follow their Australian counterparts and axe the fees too.

Four of Australia's biggest banks decided early yesterday to stop charging customers of other banks an AU$2 fee to withdraw cash from their ATMs.

Fifty years after the first Automatic Teller Machine opened for business, a surprise move by Australia's largest bank has brought an end to the vast majority of cash withdrawal fees.

The bank is facing an Australian Prudential Regulation Authority inquiry over damage to the bank's reputation and public standing by a range of issues, most recently allegations it breached laws to combat money laundering and terrorism funding.

Now just hours later, Westpac and ANZ have also followed suit.

AUSTRALIANS will no longer have to worry about paying a fee to access their own money.

The bank was revealed to be selling life insurance policies with outdated medical definitions, which made it hard for its customers to make claims.

Consumer NZ CEO Sue Chetwin said it was disappointing that ANZ's New Zealand arm was not immediately following Australia.

RediATM, which is owned by payments company Cuscal, also has more than 3000 machines across the country in partnership with 90 members including NAB.

There once was a time when ATM fees were hidden, displayed on your bank statement each month, whenever you used an ATM from a bank different to your own, or on a non-compatible network.

Consumer New Zealand chief executive Sue Chetwin said there was no need for the fee.

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