The Commonwealth Bank says it is making a change to “benefit many Australians”, after announcing it will scrap all ATM withdrawal fees.
But not everyone is convinced.
Even non-CommBank customers won’t be charged a withdrawal fee when they take cash out at any of the bank’s 3,400 ATMs across Australia.
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“Australians have complained for some time about being charged fees for using another bank’s ATM,” Matt Comyn, Group Executive, Retail Banking Services, said in a statement.
The move is expected to save Australians around $500million, after RBA data showed that last year people made more than 250 million ATM withdrawals from banks other than their own.
“We have been listening to consumer groups and our customers and understand that there’s a need to make changes that benefit all Australians, no matter who they bank with,” Mr Comyn said.
“We think this change will benefit many Australians and hopefully demonstrate our willingness to listen and act on customer feedback.”
It will excludes Bankwest ATMs and customers using overseas cards.
People took to social media to discuss the move, with some welcoming it, while current CommBank customers aren’t seeing the benefit.
They believe it is actually reason to switch banks, as non-CommBank customers are the ones who will be better off.
— Bunroo (@bunyosstuff) September 23, 2017
As a CommBank customer I expect they will pay for the fee when I use other ATM’s or is this an incentive for me to move banks?
— GrahamT (@GR4H4MT) September 23, 2017
ATM fees nothing more than money making rort. Senate looked into it a year ago. Commbank today abolishing $2 fee – other banks MUST match.
— Sam Dastyari (@samdastyari) September 23, 2017