News

ATM fees waived for indigenous Australians in remote areas

May 24, 2012

The Australian financial industry today announced its response to watchdog groups' criticism of "excessive" fees being charged to aboriginal Australians in remote parts of the country.

According to an article in The Australian, the country's banks and two major independent ATM networks have agreed to waive all fees on transactions at 76 ATMs located in remote regions.

The Australian government said the move would relieve onerous fees indigenous populations had been subject to because they lacked access to "ordinary banking services which most other Australians take for granted."

A 2010 study by Financial Counselling Australia found that in some cases aboriginals were paying up to 20 percent of their income in ATM fees.

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