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CashConnect will not raise its ATM surcharge fee

February 27, 2011

CashConnect ATM Network has announced that it will not follow the trail blazed by its Australian competitors and raise its surcharge withdrawal fee.

"CashConnect will remain at A$2 (U.S.$2.03) per withdrawal," said David Glen, managing director of The BANKTECH Group Pty Ltd., parent company of CashConnect. "We will not be increasing our ATM fee to A$2.50 (U.S. $2.54)."

ATM operating costs have risen during the last two years, but it does not justify the 25 percent increase our competitors are imposing on cardholders, Glen said. CashConnect is an independent ATM deployer (IAD) based in East Sydney. The company operates 1,300 ATMs throughout Australia.

Raising ATM surcharge fees is a controversial topic in Australia.

The Australian Greens, a political party based in Canberra, has charged that the fees are exorbitant. "Banks and other providers charge up to $2 for non-customers to access cash from ATMs, although the cost is well below $1," said the Australian Greens.

BANKTECH also owns or operates ATMs and point-of-sale terminals in New Zealand, India, United Arab Emirates and Hong Kong.

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