NAB, Westpac (5th Oct) ANZ Bank (Early Oct) - No ATM Withdrawal Fees No Matter Who You Bank with

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Multiple banks are now dropping ATM fees in order to match Commbank. This now makes a total of 4 Banks who have dropped fees. Stay tuned on this thread for updates.

News.com.au
ABC.net.au

MOD: This post merges all other banks' responses to CommBank's announcement of removing ATM withdrawal fee.

ANZ starts early October
Westpac starts 5th of October

National Australia Bank Group (NAB)

Related Store: National Australia Bank Group (NAB)

Comments

  • +69 votes

    ANZ also just announced… With these ING Direct should bring their 2% - 5% cash back on paywave :)

    • +3 votes

      Yeah - it'll be interesting to see what they do. It's also one of Macquarie's main advantages gone too, although they still have the 0% foreign transaction fees going for them.

      •  

        Haha true. We'll wait and see. Hopefully there're more offers coming due to this!

      • +8 votes

        Macquarie's card works at pubs and clubs as well fee free which they normally charge $2.50 upwards. So still quite useful for many of us that need to get that $50 out at rsl or bowls clubs. :)

      •  

        A high interest everyday account would be a useful point of differentiation (although you can kinda do that with Ubank).

    • +33 votes

      ING won't stand out if CBA, Westpac and ANZ offering no ATM fee, especially they require $1000 deposit… Since ING cuts interest rate, stops paywave rebate and increase superannuation fee, I already moved most of my money out - ING is less competitive now since they introduced the kinda non-competitive credit card and home and content insurance…

    • +3 votes

      No chance we'll see the return of that one.

      For those with ING, it means there's now a lot of ATMs we can use for free without the $1000 minimum monthly deposit, and we still have free use of pub ATMs, etc.

      The commentary of it being such a hated fee sounds so strange to me knowing the OzBargain masses are more than well-aware of how avoidable it has been.

      •  

        It's hard to say that no chances to see return. ING has no physical branch so they need to stand out in other ways. I know ING rebates those ATMs in pubs too, but I don't think that is competitive enough to encourage customers to stay, given some other banks like Macquarie doesn't require $1000 deposit

        •  

          I think it's pretty easy — the economics have changed with the regulation and capping of interchange fees, cashback that generous wouldn't work on the interchange alone; ING have ventured into having a physical location — https://www.ing.com.au/ing-lounge.html and they're introducing new things like credit cards, "Everyday Round Up", etc. They're not doing the same thing they were 5 years ago.

        •  

          @ctd:
          The ING lounge is just you can talj to a real person. But the staff doesn't handle with cash there. Also, there's only 1 lounge which is in Sydney - obviously not enough for nationwide.

          Plus their credit card is quite expensive. Not much of a deal to have one.

        •  

          @citygal:

          While no money changes hands at ING Lounge

        • +1 vote

          @realfancyman:
          Exactly. i can't really understand the use of the lounge.

        •  

          @citygal: Sound great if you don't mind pretending to be interested in their products, cause they're giving away coffee! Also apologies I meant to tag @ctd in my previous comment.

        •  

          @citygal: the lounge is more like a fan club.

        •  

          @ozlab:
          More or less. But be prepared the staff will keep promoting you with their products…

        •  

          ING may not have a physical branch, but you can use Bank@Post at Australia Post to do your banking serving as a sort of branch.

        •  

          @hollykryten:
          I know, but deposit amount is capped at $3000 something. Also takes 7 working days for cheque to clear.

        •  

          @citygal:
          I keep forgetting to do this but ING have a reply paid address (i.e. no stamp needed) that you can post your cheques to. That way you can deposit directly into your Savings Maximiser and earn interest as soon as they process your cheque. Search their FAQ for instructions. They cite 3 business days for the cheque to clear this way rather than "7-10 actual days" starting from "the day after the cheque was deposited" for Bank@Post but in my experience the real delay is in how long it takes for me to get around to attend a post office during business hours. At least they are open later in the day than banks.

          As you say, Bank@Post has a $3000 limit for cash but there is no limit cited for cheques. I can't see why there should be but then again giro banking thing is a bit weird if you ask me.

          If you are in the Sydney CBD the new lounge is another option for cheque deposits.

          UBank Ultra doesn't accept cheques at all. It might be the only transaction account that doesn't. You might be able to do an over the counter deposit into the online accounts (which typically pay the most interest) of some of the other banks but it's not something you can count on.

          I can't remember the last time I had to bank a cheque or for that matter cash. It's been a fair while since I used an ATM of any colour. If I need cash it's usually a cash out at the self serve machine in a supermarket. The only time my ING card typically get used is if there is a charge for using a credit card and I don't have enough cash.

    • +3 votes

      ING have fee withdrawals from all ATMs in Australia including those expensive ones inside pubs.

    • +2 votes

      If ING brings the cash back back, their credit card is in the bin (it’s actually rubbish now)

  •  

    Haha see all these competitions…

  • +5 votes

    What’s an ATM?

  • +2 votes

    NAB will be the next to follow.

  • +1 vote

    Come on HSBC. I know you want a piece of the No-fee pie too.

    • +15 votes

      HSBC have like… 100 ATMs?
      Do they really matter in the scheme of things?

    • +2 votes

      HSBC cardholders can enjoy unlimited ATM transactions without incurring an ATM Operator Fee at over 3,000 ATMs across Australia at the following ATMs:

      HSBC
      Westpac
      St.George
      BankSA
      Bank of Melbourne.

      •  

        Hi,The Land of Smeg,
        Re I have a HSBC Visa card. Sometimes ago there was no atm fees with Westpac. But later they changed and charged $2.00 fees. Since then I never approach Wespact. This is a good news if they have now followed the trend. Hopefuly you are right. Will try this afternoon. Thanks anyway.

  • +1 vote

    ANZ have announced as well

  • +3 votes

    Should be combined into the other post?

  • +16 votes

    I'd much rather they abolished account keeping fees.

  1. AG1304x on 24/09/2017 - 13:47
  2. citygal on 24/09/2017 - 13:55
  3. AG1304x on 24/09/2017 - 13:52
  4. tg on 24/09/2017 - 14:41
  5. Scab on 24/09/2017 - 13:56
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