ATM Fee Reform
On 3 March 2009 a number of important reforms to Australia’s ATM system will come into effect. These reforms, which have been implemented by the industry and supported by the Reserve Bank, will result in a number of benefits to competition and efficiency in the Australian ATM system.
Direct Charging at ATMs
The change most immediately evident will be the introduction of ‘direct charging’ at ATMs. In general, when a cardholder makes a withdrawal or a balance enquiry at an ATM not owned by their financial institution (a ‘foreign ATM’), the owner of that ATM will charge the cardholder a fee. The fee will be clearly displayed on the ATM screen prior to the transaction and the cardholder will have the opportunity to cancel the transaction if he or she does not wish to pay the fee or believes that an ATM charging a lower fee may be situated nearby.
With the introduction of ATM direct charging, Adelaide and Bendigo Bank customers’ have access to more than 600 ATM’s using the Bendigo Bank network across Australia at no charge.
Click here for access to the ATM Locator.
More information regarding these changes and how they may effect you can be found as follows:
ATM Fee Reform Brochure - click here
Reserve Bank of Australia website - www.rba.gov.au/PaymentsSystem/Reforms/ATMFeeReforms/index.html
Australian Payments Clearing Association - www.apca.com.au/afr/index.html
Also, please do not hesitate to contact us should you have any queries regarding these changes.
