The BIG Catch To The Four Big Banks Cutting Their ATM Fees
On Sunday, when Commbank announced they were making the bold move to cut their ATM fees, Westpac, NAB and ANZ were quick to follow suit.
Everyone thought this was amazing, Australians felt listened to and all was well in the world again.
Though Commbank have already put the fee waivers into effect, the other banks won’t follow suit until next month.
Since the move, Commbank has already seen a 24 per cent increase in non-customers using its machines.
But wait, it’s not all good news.
Though Aussies spend an estimated $500 million a year on the hatred ATM withdrawal fee and this will surely be lifted - there is a BIG catch.
While CommBank’s network will have fees abolished, CommBank subsidiary Bankwest has been excused from the abolishing of fees.
Bankwest has 830 ATMs, about 650 of which are in 7-Eleven stores, according to The Australian… and guess what?
The 7-Eleven machines are among the network’s most profitable.
And while NAB’s announcement covered its 1500 machines, over double 3100 NAB-branded rediATMs — located in pubs, clubs and convenience stores — will continue to charge fees.
Ahhh, see what’s happening here?