You may have heard that the big banks have made the big decision to banish their ATM fees. CommBank was the first and Westpac, ANZ and NAB agreed to follow. By removing their bank fees, the banks hope that they’ll be making an impact for all Australians, although particularly those in rural and regional areas.
Australians currently spend an estimated $500 million a year on ATM withdrawal fees so CommBanks announcement is good news but will not impact those customers who use the 650 ATMS in 7-Eleven stores around the country which are owned by CommBank subsidiary Bankwest. Bankwest announced that fees will not be removed from these machines.
A quick survey of the office and everyone agreed that the AroundMe app available for Android, IOS and Windows Phone is great for finding your nearest ATM and coffee shop. So, put your fees towards a coffee instead of throwing it away to a bank.