Commonwealth Bank - No ATM Withdrawal Fees No Matter Who You Bank With

11751

The Commonwealth Bank has announced that they are removing ATM withdrawal fees from 23/09/2017. Other banks are following suit. (note: please don't post any more new deals for fee-free ATM annoucements.)

I have an ING Orange account so never pay ATM fees anyway but I’m sure this will be welcome news for many.

Things you should know, Excludes Bankwest ATMs and international cards. You may be charged fees by your bank. Credit card cash advance fees continue to apply.

Update: Westpac, ANZ & NAB have also pledged to remove their ATM fees, but have not implemented yet!

Commonwealth Bank

Related Store: Commonwealth Bank

Comments

  • +26 votes

    Does this mean people who have cards from other banks won't incur fees if they withdraw money from CommBank ATMs, or that CommBank card holders won't incur fees if they withdraw $$ from other ATMs? Or both?

    • +9 votes

      Just the first one I think.

      • +2 votes

        Ta. You're right, it's the card holders from other banks that will benefit from this (unless other banks follow suit soon). As a CommBank customer, I'll probably have to pay fees if I have to use other banks' ATMs, I think, which ain't fair: http://www.news.com.au/finance/money/budgeting/bank-customer...

        • +11 votes

          Maybe other banks may now follow suit.

        • +4 votes

          Then switch banks

        • +7 votes

          I've paid maybe 2 atm fees in the past 10 years. Such a rip off withdrawing from atms.

        • +13 votes

          @krouton24: please don't do that! CommBank doing this means that the other banks will follow suit. They should be rewarded, not punished.

        • +3 votes

          @kiriakoz: never mind that they have broken the law for the past several years in relation to money laundering through their ATM system just because they were to lazy to update their software even after been informed by the AFP. But hey now you can save $2.00 so alls forgiven and forgotten.

        • +1 vote

          @hotrod01: Yes, let's keep paying the other Banks billions in fees every year just because of a decision made by a few cba executives.

          Grow up.

        • +1 vote

          @hotrod01: Hey mate, those are two separate issues. Understand that they did the wrong thing, but we're talking about the removal of ATM fees here. If you want to move banks because they didn't fix up their software to detect large transactions, as dictated by the anti money laundering act, that's fair enough.

        •  

          @kiriakoz: I would think that doing away with monthly fees would come before this.

      • +5 votes

        Cool. I'm going to start withdrawing from CBA ATMs exclusively now just to save money.

        •  

          Your bank may still charge you a fee for using another banks ATM. Even if cba doesn't charge them a fee, it may take a while for your bank to pass on the savings.

        •  

          @incipient:

          Correct me if I'm wrong, but isn't the fee charged at the atm side of things, not your own bank adding the fee onto your withdrawn cash? Its not up to the bank to 'pass on the savings', it just won't have a fee added.

          So with commonwealth, westpac and ANZ not charging withdrawal fees, for me to take $50 from my NAB account it will only take $50, not $52.

    • +4 votes

      Sounds like any bank, ie. ING, St George, ANZ can use CommBank ATM's fee free.

      • +2 votes

        But not vice versa without attracting fees though, right? For example, I am a CommBank customer, and if I wanna withdraw money from ATMs of other banks then I'll be charged with fees, I guess? I don't use other ATMs, so I always assumed that was the case all along.

      • +4 votes

        If all major banks' ATMs are free,it is time for ING to up its feature with the ATM savings' it gets.

    •  

      Seems like an incentive to bank with someone other than CommBank. e.g if you go with Westpac you can use both Westpac and CommBank ATMs fee free. CommBank customers can only use CommBank ATMs fee free.

      •  

        There will be massive pressure on the other banks to follow suit.

        I expect the pollies on all sides to be out there demanding it very soon.

  •  

    Thanks dude

    • +2 votes

      Did you just Link the dupe to the same post?

    • +1 vote

      LOL! That has been posted on the Forum section, not on the Deals section.

    • +8 votes

      This was my first deal post and I did check that this deal hadn't already been posted but didn't find anything. However, that post is on a discussion forum and is discussing whether this means the end of all ATM fees, where as I posted it as a deal to let people know about it with a link to the Commonwealth Bank official announcement, rather than to a news article. So I'm not sure that this is a duplicate. But I'm a newbie so I could be wrong.

  • +5 votes

    Thanks AussieDaddy. That makes me feel better. I thought I'd stuffed up my first Deal post.

  • +29 votes

    I don't really understand why they'd do this… Literally none of the benefit goes to their own customers- it's just a freebie for customers of competitors at a cost to Commbank. If I was a Commbank customer I'd much rather they spend the money on me (better interest rates or even rebates on competitor ATMs) than people who don't even bank with Commbank.

    • +5 votes

      Exactly! That's why I was asking those questions above confused, and not seeing how this move would be advantageous to us, their customers. Hope other major banks will do the same soon, otherwise this is useless. Heck, it might be counterproductive to the point it might force some CommBank customers who use ATMs a lot to switch banks just to take advantage of this.

    • +35 votes

      With all the disasters they've been involved in lately, I suspect that it's an attempt to restore their reputation with the general public. The shareholders will benefit from that enhanced reputation. I'm not sure that customers are factored into banks' decision making processes. As usual, I may well be wrong.

      • +4 votes

        Totally agree mate…. clearly this is a move to enhance their public reputation…
        It's a shame really…. they get involved in unconscionable conduct (insurance ripoffs, money laundering) and then come up with a petty measure such as $2 waiver to restore image… tricks such as these will probably work and they will not face the consequences they otherwise would have!!

        • +3 votes

          Yeah this is prove they just care about their reputation and profit not about existing customers. Whatever they do, for themselves first customers second

    • +1 vote

      you hold CBA.asx shares right? = )

    • +28 votes

      If anything, means that Commbank customers might have to queue longer at ATM's..

      • +6 votes

        They'll market heavily to people using their atms (on the screens) possible data capture from the bankcards and you get a CC offer in the mail?

        • +2 votes

          And there's the cameras, recording faces and open wallets. Then there's mobile phone identity, broadcasting all the networks it's associated with. This can relate to where you live, work, have been, and where you go/have friends. Ofcourse they ultimately associate you with your financial institution, as well as the size/time/nature of the transaction.

          There's usually no such thing as a free lunch, and when it comes the the big banks, I think many would be wary about this deal when it's been them who have been having us for lunch with the large shift in debt. There very well may be a possibility that the potential collection of this information is worth more the the cumalitive profit of non CBA customer ATM fees.

      • +8 votes

        CBA couldn't be bothered reducing my home loan saying I must have another quote from another bank.. I told them seriously ?

        If I got another quote, I'd leave them and take all my services..They didn't give a crap. I've been with CBA for 30 years.

        With all the recent scandals..ripping off customers and not giving a crap.. it's time to make a change.

        On a brighter note, this is now the perfect opportunity to look for a different bank since CBA no longer holds any advantage of ATM access over the other banks.

        • -10 votes

          You agreed to that rate, I'm confused why you think they should lower it simply because you ask them to?

        • +16 votes

          @callum9999:

          Because I looked and know I can get a lower rate at other places for the same or better service level.

          Especially one that gives a discount to my workplace. Just because I didn't have an official quote, didn't mean I can't easily get one.

          Just because I agreed to variable rate loan 10 years ago, doesn't mean it is competitive now.

        • -5 votes

          @Aneurism: So Commonwealth should have just taken your word for it that you could easily get these quotes from elsewhere?

        • +13 votes

          @callum9999:

          They just lost themselves a 30 year customer. I don't care who's word they take because they won't be getting my business any more within a fortnight. Don't get me wrong.. I'll happily continue to use their free ATMS though.

        • +6 votes

          @Aneurism: nab was the same with me. Wouldn't match until I had signed with the other bank and the new bank had contacted them in regards to discharge.

          They called me at the 11th hour asking if I had taken notice of the interest rate change on my internet banking, I told them it was too little too late.

        • +2 votes

          Unless you have trillions of $, 1 week, 30 years or 80 years banking means nothing to them. Money talks, bro!

        •  

          @Aneurism: the proof is required for the pricing system. No proof then you're making the rate up. Go easy on the frontline staff they are just following the process.

        • +1 vote

          This is how Commonwealth Bank does business. They don't care about loyalty.

        •  

          @lordsnipe: Well done.

        • +1 vote

          @callum9999: CBA, like any other bank, will not bow to market pressures for existing clients unless they make a noise about it. You might want to look at your loan rate and see of they can sharpen their pencil for you. Where have you been over the last 20 years if you don't think Aneurism's approach is reasonable?

        •  

          @sasangeleus:

          I chose not to make up any rate. All I did was disclose that I could find an equivalent service elsewhere and that they had an opportunity to retain me as a customer.

          They said I needed a quoted price from elsewhere. I told them that if I receive a quote from somewhere else then I wouldn't be coming back.

          (The conversation came about because I was calling to cancel about 5 different insurances I had with them)

        • -1 vote

          @Risto: I've been living in the real world, where I think rationally instead of emotionally - something very few people seem capable of nowadays.

          "Hi, I have no evidence whatsoever that I can get a better rate elsewhere, but just take my word for it and match it" is NOT a "reasonable strategy", hence why it produced nothing. A reasonable strategy is to get proof and get them to match it, or just go to the cheaper bank.

        • +1 vote

          @Aneurism: Plus CBA have teams of people keeping track of every product of every financial institution in the country - it's not like they're oblivious to better deals being available elsewhere - they know exactly who offers what loan at what rates. They just bet on most people being too lazy to bother with actually going through the process of refinancing elsewhere. Looks like they lost this particular bet!

        •  

          @Killhouse: Probably because virtually everyone who claims to be loyal to a capitalist entity is either using the word incorrectly or doesn't know what it means.

          There are very few good reasons to ever be loyal to a bank.

        •  

          I was planning on leaving them in the first place because I had my target services already planned.

          I just chose to ask the bank as a long term customer, "Hey what can you do for me ?" and "What is keeping me here using your services". This is my right as a customer.

        • +1 vote

          @callum9999: Given I also own a finance broking business and I know precisely that is how we lose customers, it sounds like you're so naive it hurts.

        •  

          @Risto: And when exactly did I say that was a good customer retention policy? Any idiot can keep customers by giving them more money/cheaper stuff, it's whether that's best for profitability or not that matters.

          I hope you pay more attention to detail with your "finance broking business".

        •  

          @callum9999: You said the bank would need proof. I'll suggest the banks already know precisely what their competition is doing. It seems you're the only one not in on the secret. The broking business is only a sideline, please don't worry about my attention to detail.

        •  

          @Risto: This is exactly what I mean - why are so few people able to engage their brain just a tiny bit? On what planet is saying the bank would need proof of a better offer elsewhere (which incidentally is EXACTLY what the bank did request) equivalent to saying "not matching competitor offers is a good way to keep customers"?

          Obviously the bank are well aware of what the competition offers, but they are not aware of what they are offering this specific person. It's unfathomable that this needs to be explained to someone who supposedly runs a "finance broking business".

        •  

          Try Bank Australia, I moved away from CBA for these and many other reasons. A responsible, customer owned bank https://bankaust.com.au/

    • +2 votes

      To show other bank customers how convenient CBA ATMs are, there are so many of them compared to ANZ, NAB or Westpac.

      No guarantee the offer will last forever.

    • +2 votes

      Agree 100%. Way to piss off your customer base.

    • +3 votes

      Expect a lot of ads for their own products on their ATMs. If they give up a $2 fee but pulls a customer from another bank, it's totally worth it. I think it's quite smart. Basically paying $2 per ad view per customer from another bank who couldn't find their own bank's ATM.

    •  

      Damned if you do, damned if you don't.

    •  

      It's pretty smart. Heaps of people are leaving the Big 4 due to those ING/Macquarie ATM fee rebates. By cajouling the industry to dump ATM fees, these minor banks lose their CVP and CBA will retain more customers.

  • -2 votes

    Just make sure your bank doesn’t charge fees to use other bank atm’s.

  • +3 votes

    Banka aren't stupid, there must be benefits for CBA.

    This news is massive!

    • +3 votes

      Yes. It's the publicity that comes with it.

      • -2 votes

        Yes I think it’s the reputation management that tipped them over the edge. They are trying to look friendly.

        The ATM fee is a catch-22 for the bank. It doesn’t really cost them anything, the fee is only in place to make a profit, but then people actively avoid their ATM because of that same fee. A smart bank would make it something like 20c to try to catch all.

    • +1 vote

      If you use non CBA card to access their ATM, card issued bank pay accessing fee to CBA.
      Until now,CBA charged few dollars top of that to non-CBA customer.

      If there are 10 non-CAB cards transaction with $2 fee it will be $20 profit to CBA.
      And also card issuing bank will pay $0.5 (just example) to CBA means $5 profit.
      Total $25 profit in a day.

      When ATM fee wave and 50 of non-CBA people use CBA ATM, CBA still earn $25 a day.
      If their number increased to 100 transaction a day, it will be $50 a day.

      Do you know how many CBA ATM in Australia?

      They make more profit from this business.

  • +5 votes

    thats surely death for atm fee as we know it. Glad I have not invested in one of those ATMs

  • +12 votes

    What is wrong with people by turning this into a negative? A bank has decided to not charge an unnecessary fee, that is great.

    If you went to the UK, the majority of ATMs do not charge a fee, usually only those ones at Pubs or Petrol Stations do. They have not been charging customers a fee for years now, get on board and demand other banks do it.

    • +18 votes

      I'd think there's a lot of justified negativity towards CBA after the allegations of 54,000 money laundering occurrences, the CommInsure and financial planning scandals. It's been a great demonstration of the level of power the 'Big 4' yield. You look at opposition leader Tony Abbott going after big targets like "the gays", yet what statements have you heard from the Liberals or the inter-Nationals about the CBA scandals?

      Take your business elsewhere.
      Disclaimer: I've a relative that works for a regional bank.

    • +2 votes

      Yeah, in the UK it was great. You'd use any ATM without even having to think about it, Lloyds, HSBC, whatever. No searching, just convenience.

  • +11 votes

    This gesture may be also trying to revitalise the use of a facility that is becoming increasingly less relevant as we move to a cashless society. ATM use has been declining over the last couple of years now with no sign of this trend changing.

    By reducing fees, at least they will get a few more years out of ATMs before they go the same way as pay phones…

    http://www.smh.com.au/business/atm-use-hits-15yearlow-as-shi...

    • +3 votes

      as we move to a cashless society

      That ain't going to happen for a while, I'm still waiting for the paperless society that was promised.

    • +3 votes

      A cashless society is beneficial for the banks - they should be (and I think are) encouraging it, not trying to stop It!

    •  

      Not true. 57,000 people used CBA ATMs :)

  • +4 votes

    Who still uses cash anyway?

  1. Cheapskate Paul on 24/09/2017 - 04:45
  2. Easy game on 24/09/2017 - 04:29
  3. Aneurism on 24/09/2017 - 05:33
  4. AussieDaddy on 24/09/2017 - 03:42
  5. Consumer Sheep on 24/09/2017 - 07:54
  • Login
  • or
  • Register
  • to Join The Conversation
  • Top Comments
  • Top