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Reserve Bank gives OK to new ATM fees in Australia
February 16, 2009
The Australian: Direct charging at ATMs in Australia is getting a pass from the Reserve Bank, despite concerns from consumer advocates. The Reserve Bank said yesterday it would not cap fees, nor would it prevent banks from charging customers for using an ATM owned by another bank. Under new ATM-access rules, which take effect March 3, banks will no longer pay each other a fee every time a customer uses another institution's ATM, but they now can charge their customers a "foreign" ATM fee. Additionally, ATM owners will be able to charge cardholders a direct fee for using their machines, provided the charge is displayed before the withdrawal goes ahead.
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