Tuesday, September 26, 2017

Four big banks drop ATM fees. Watch out for the trap you can easily fall for.

On the weekend Commonwealth Bank announced they were dropping ATM fees for cash withdrawals for customers from other banks. For some people that could be a good saving, or at least it makes withdrawing cash easier and more convenient.

The other three major banks made similar announcements on Sunday if I recall correctly, which I thought was interesting as it wasn't a bank day. However, the first thing to note is it wasn't clear when the other banks would start. It looks like some time in October.

Now the trap is that people may think this means any ATM, but this isn't correct. Even BankWest, which is a subsidiary or the Commonwealth Bank is not dropping the ATM fees. Reportedly neither are the ATMs in 7/11 or Redi ATMs.

It is therefore important that you don't just think all ATMs are now fee free for cash withdrawals. First Commbank's, which was immediate, then the other banks, NAB, Westpac and ANZ, sometime in the near future. Stick with those brands of ATMs and you should be OK to get cash withdrawals without paying a fee. Of course if in doubt, stick with ATMs from your own bank.

If you're travelling overseas ATM fees still apply.

Kelvin Eldridge
www.JustLocal.com.au

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