$200m extra fees

$200m extra fees

www.news.com.au

BANK customers will be stung by up to $200 million a year in extra ATM fees.

This comes after four of the five major banks admitted they will charge customers for using rival companies' ATMs.

The move comes despite warnings from the Reserve Bank, which said banks would have no case for levying the fees after the new rules took effect.

The decision means bank customers will be stung for two sets of fees every time they use a rival cash machine - once from the ATM owner and again by their own bank.

In addition, from March 3, customers will be charged separately for balance inquiries and cash withdrawals.

That means that if the customer checks their balance first and then elects to withdraw cash, they will be charged for both transactions and hit with fees totalling up to $5 for a single visit to the ATM.

(visit the link for the full news article)

So basically whats going to happen is if we check our account Balance ($2.50 fee) withdraw money ($2.50 fee).
If we withdraw money from a rival bank the above fees will double because the rival bank wants their cut. (sounds more like a friend then a rival to me).
So we could be paying up to $10 per transaction at an atm.
I wonder if its cheaper to walk into a branch to do a transaction, even if its not, at least that's costing the banks more money.


www.news.com.au
(visit the link for the full news article)

I think that's going to add up to a lot more than $200 million. I have also been hearing stories lately of banks slamming customers on overdraft fees by delaying deposits and holding all debit charges for a few days then debiting them from the highest to lowest amount, regardless from when the purchases were made to increase the chance and number of overdrafts.

Everyone needs to stop using ATM's for a while and instead go into your branch. If enough peopledo it they will have to hire additional staff to handle it. Then some corporate genius will decide it is their best interest to lower ATM fees and they will make him a hero.

The more the banks do the more I want them to fail. Alas, having them all fail, would bring much more pain than neccesary. I think if we help those who owe the banks, then most banks survive. If you don't then every effort to support the banks will just end up making things worse.

reply to post by disgustedbyhumanity


I think im just gonna buy a safe and keep my money there.

This is absolutly disgusting.

a single transaction between atms, can cost what, a fraction of a cent?

And they are charing us $2.50?

No wonder people go postal, and want to kill bankers..

I read another article in the west on Sat,

Bankwest havent passed on the interest rate cut yet, and have made an estimated $200,000,000.00.

They make $550,000.00 PER DAY they dont pass on the rate cut.