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ATM changes could mean higher charges in bush
16 Jan 2004
A federal committee has given qualified approval to proposed changes in ATM fees, but said these should not lead to higher charges in country areas than in cities. The committee's report on banking in the bush said ATM fees are an ongoing issue, due to higher use there of "foreign" ATMs i.e. those of another bank or institution than that of the account holder.
Foreign ATM use is about 40 per cent nation-wide but generally higher in country areas, where there is often only one ATM in each town.
The machine owner charges a fee to the account holder's bank which is passed on to the consumer. A banking industry group will soon recommend that this fee be replaced by an ATM fee and a card-processing fee; this could lead to higher individual transaction charges in the bush due to low usage.
The Australian Consumers' Association also expressed concern, saying that banks regularly charge excessive fees, and that rural and regional customers are particularly vulnerable to this "fee gouging".
Tradingroom.com.au, 15/1/04.
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