Sunday, May 28, 2017

Greens move for ban on bank ATM fees

Posted by admin on March 4, 2010

The Australian Greens will move to amend trade practice laws to ban Australian banks from charging $2 fees for non-customers to use Automatic Teller Machines (ATMs).

Announcing the policy in Devonport, Tasmania, Australian Greens Leader Bob Brown noted that Braddon is one of Australia’s most economically disadvantaged electorates.

“Major banks should be banned from charging non-customers $2 every time they want to access their own money,” said Senator Bob Brown

“It’s a regressive private tax – that is, it hits the poorest people hardest.

“Australia’s major banks all posted multi-billion dollar profits last year and they do not need to charge the approximately $680 million they made from ATM fees.

“We will take legislative action in federal parliament to ban banks from charging ATM fees.

“The average Australian spends around $1000 on bank fees, 20% more than in the UK where ATM fees do not exist.

“The $2 ATM fee is not a fee-for-service and the charge does not reflect the real cost of processing an ATM transaction, which the RBA estimated was about 50 cents in 2000 and which is likely to be even lower now.

“We are not advocating the fee ban for credit unions and building societies, which are generally member owned and not-for-profit, or for independent ATM operators, such as corner shops and clubs.”

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