The big banks are backing away from ATM fees. I wonder where they will make up the difference…
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But what about the red teller machines that are replacing the big bank’s machines in all the shopping centres here? Do they still charge a fee to dip your card into the things?
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Yeah, third party machines like Reditellers (owned by Cuscal) will still charge a fee to those using cards outside the partner network arrangements.
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Bank West sent me a tweet they are dropping the ATM fees in October this year (maybe a case of believe it when I see it).
But here starts the exemptions:
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A timely report on how the independents see it.
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My forecast: the banks are going to sell off their machines, or lease them. They won’t be charging customers fees for withdrawals at their machines, as they will no longer have any. Instead, they will charge the machine owners or lessees for the privilege of printing money.
In other words, do not expect to save anything out of this decision - and if you have already been smart enough to go to your local bank’s machines… sorry?
I realise that this sounds pessimistic, but I do not think anyone here actually expects the banks to do something that costs them more money or destroys a revenue stream. This announcement is part of avoiding a royal commission, but I expect the banks to make it a win-win - for themselves. Good publicity now, higher fees charged by ‘someone else’ later.
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Kudos to the gentle sarcastic note throughout this report, but the last 3 paragraphs are spot on.
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Reviving this.
I just had an interesting discussion with BOQ. A week ago I deposited a cheque into my account via the ATM outside the bank. I called today as it had not been processed and was told that most ATMs are outsourced now so deposits aren’t dealt with for 7 days.
Has anyone else heard of this? I checked the BOQ website but can’t find anything saying that… it does say “Real time cash and cheque deposits” which is marketing talk for… what exactly?
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That seems somewhere far below expectations, is unacceptable, and questionable. In your situation I would not take it at face value over the phone. I would continue by getting things in writing/email, including asking the questions via their facebook page (eg being public on their processes).
Your issue could be miscommunication inside BOQ or that your deposit got mishandled. Rare but stuff happens. If 7 days is their service level for ingesting ATM deposits I would be changing banks.
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Yep… that was it apparently… when I questioned it the response was “Oh… well I can clear that right now if you like”.
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Absolutely. Here in Epping, a transport hub, all bank ATMs have now gone and some have been replaced by those branded ATMs that cost money every time you want to get money out. We are left with the only option of buying something at Coles and asking for some extra money as cash out. Ny 92 year old mother now has to go to another shopping centre to get money out or pay to get money out.
As one non-bank branded ATM immediately took over from a bank ATM, it seems pretty sure that it was an agreement between the two.
At one point we had 3 banks in Epping and now they have all closed and the bank ATM machines have gone.
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Some of those ATMs may still offer free transactions for customers of specified banks. Check with your bank to see which ATM brands are fee-free. Examples include Westpac customers are able to use Precinct machines and the ATMX brand gives free transaction for customers 17 financial institutions including ANZ, BOQ and Suncorp.
There are some older reports on the internet advising that you can get cash at Coles, without a purchase, from a real (not self-serve) checkout. Ask next time you ar in Coles whether you can do so and also whether it is possible at the self service checkouts.
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That is correct, and same applies at Woolworths. We do it regularly at both Coles and Woolies without making any purchases.
Cash withdrawals can also be done at the customer service counter. With self service it is only possible at consoles which are cash/card, rather than card only.
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I’d ask if Woolies and Coles see a benefit in bringing customers prospectively to their store front? Is there also a benefit in reducing the stores cash in hand at the end of each day? It provides a two way exchange compared to having an increasing daily amount requiring greater securing and banking.
P.S.
Not everyone has the luxury of a local Coles or Woolies. When the nearest to us ANZ and Suncorp branches closed, the local township was promised their ATM’s would remain. It took many months before the ANZ ATM returned to a different location. They had many local business customers. No more?
Suncorp took theirs away with the branch. They have done similar in a busy Brisbane suburb. No branch no ATM.
Welcome to the cashless future!
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The cashless future is already here for me! Ever since the Covid-19’s restrictions in Vic on cash money, I haven’t had any use for an ATM nor for cash out at the stores.
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I have done both in the last week.
It’s an improvement that due to Covid many of the smaller businesses removed the minimum purchase value for card payments.
I have 2 new cards. It’s convenient to confirm all is as it should be by using the card and pin to obtain the account balance. I took the opportunity to top up the spare cash in the wallet.
Yesterday when purchasing fresh bread and coffees from the local bakery their card payment service was down. A polite sign advised cash only. $14 in notes and coin came to the rescue.
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Another consideration is how willing a consumer is to pay those pesky and ever more common card surcharges increasingly added regardless whether EFTPOS or credit.
$1 here and $1 there adds up in cafes and restaurants and a few other businesses. Recently I have noticed less signage about the surcharges while the terminal shows ‘There may be a surcharge [accept | decline]’ next to ‘we hope you understand’.
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I do carry a big note with me always ‘just in case’. Last time I needed to use it was years ago when I had left my card at home. The note had been folded for such a long time that the self-service machine had a problem accepting it😆
The advantages of a card for me are:
- a very lighter purse.
- less waiting and a quicker transaction time at ‘card only’ tellers.
- Not to mention the importance these day of not handling cash.
- A record on my bank statement of every purchase I make.
But I do like my paper receipts, and have had no problems to date getting one.
When the s/s machine or the cashier asks if a want a receipt I simply say Yes and that’s that 
PS haven’t had a surcharge since the Covid restrictions on cash ( we accept card only signs) and the cheeky surcharge when using the card at my fishmonger, but that was worth not getting fish smelling coins in my purse 
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Our experience up Eltham way is quite different where card surcharges are rife 
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