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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.
MOD: This post merges all other banks' responses to CommBank's announcement of removing ATM withdrawal fee.
ANZ also just announced… With these ING Direct should bring their 2% - 5% cash back on paywave :)
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!
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).
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…
Agreed. I went back to UBank, because it's the best I found without having to fuss around with payments etc.
Ubank also offers better interest rate (2.87%), second after RAMS (3%)
Interest rates are depressingly low.
We're in the era of 'generation spend' (although aren't interest rates even lower in the UK and USA? Do they have term deposits?)
Yes, interest rate is pretty low at the moment. I'm just saying the interest rate in these banks are relatively better than the others. Not sure about interest rate in UK and USA.
How are we in the era of Generation Spend when that was the 90s? Household levels of savings are much higher than 10 years ago, there is less free cash flow for families due to higher mortgages, retail businesses are struggling. If anything we spend less and just make it travel further (due to sites like OZB!)
I was referring to average household debt:
Disclaimer: I'm not an economist, but I was just mainly referring to house prices and interest rates, and zero wage growth.
ING, you should give us $2 credit each time when we use any ATM in Australia.
I was thinking of setting up my own ATM and setting the withdrawal fee at $10 just to use my ING card on.
And your card will be blocked for good. They called someone on ozbargain to warm them not to do multiple cashout at Eftpos.
What? That makes no sense, eftpos cashout costs them nothing.
$0.50 bonus with $200 cash out
been done, the guy got caught. ING fraud monitoring git him.
@gikku: Maybe I'll just offer $5 to anyone who uses my ATM. Got anymore info on the guy who got caught?
He now knows not to drop the soap.
ING has Apple Pay, so there is that.
What super fund did you move to if I may ask?
ING already offers no ATM fees on their account. I've been using any ATM in Australia on my ING Direct Orange Everyday account and i immediately get any ATM fee reimbursed. I pay nothing.
I know. But it's not enough to make a lot of people stay with the same bank. ING offers free ATM subject to the $1000 deposit per month.
Oh yeah i forgot about that $1000 deposit requirement. I guess ING may follow suit and drop this $1000 deposit requirement.
The $1000 deposit is also a requirement to get their bonus interest rate.
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.
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.
While no money changes hands at ING Lounge
While no money changes hands at ING Lounge
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.
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.
I know, but deposit amount is capped at $3000 something. Also takes 7 working days for cheque to clear.
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.
ING have fee withdrawals from all ATMs in Australia including those expensive ones inside pubs.
You mean free?
Yup, the only time I use the fee free withdrawals are those mobile atm machines that charge huge fees.
If ING brings the cash back back, their credit card is in the bin (it’s actually rubbish now)
Their credit card should be in the bin anyway.
Haha see all these competitions…
What’s an ATM?
AT THE MOMENT Automated teller machine :)
A hole in the wall that dispenses plastic money that you can spend at dodgy shops that don't take cards.
Depends on the type of web site you're visiting. ;)
Q: What is an ATM machine?
A: It is an Automated Teller Machine machine.
Haha I'm so glad you brought this up!! One of my pet hates, people say machine after ATM without actually realising they are already saying machine..
Another one is PIN number, or VIN number.
It's even worse when the staff at banks/car dealerships say that, as if they don't know any better.
First world problems. Who gives a rats.
Don't forget the HIV virus.
Another one is nab bank
Still remember the ATM machine-machine advert from the 80s.
@t25: Yes PIN number is just as bad, if not worse! Especially, like you said, at banks!! It's bad enough when any staff member says it lol
@hardya: Yeah, it's all BS sh!t.
They should have called it an AT Machine
you're back to 80's again, where AT machine or XT machine … what we used to call Personal Computer
@dlovep: The PC computer running DOS operating system.
@hardya: neigh, Compactor
All Time Money :D
DOS operating system
NES entertainment system
lol… you just did my head in…
Avoid Tax Machine.
It dispenses tokens which can be exchanged for goods and services without the ATO being aware, and therefore avoiding taxation which only pays for stupid things like roads and hospitals.
ATM = Another Tightarse's Masterpiece.
These things, although they do a little bit more nowadays.
NAB will be the next to follow.
Come on HSBC. I know you want a piece of the No-fee pie too.
HSBC have like… 100 ATMs?
Do they really matter in the scheme of things?
One in Queensland
HSBC cardholders can enjoy unlimited ATM transactions without incurring an ATM Operator Fee at over 3,000 ATMs across Australia at the following ATMs:
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.
ANZ have announced as well
Should be combined into the other post?
oh no! my internet points :((((
I'm not into "internet points". I just thought it was a really obvious case of plagiarism with the poster seeking to get "internet points" from a popular deal. He/she succeeded!
Probably should've been but once a post gets momentum it won't be removed.
I'd much rather they abolished account keeping fees.
Go to ING and you have it
They have ATM fees unless you deposit a certain amount.
There's always a catch somewhere.
Nah, they just won't reimburse ATM fees if you don't deposit a certain amount. Considering so far 3 of the major banks have now scrapped their ATM fees, this is a non-issue.
However Macquarie offer the same deal, with better online banking and 0% foreign transaction fees, ATM rebates with no deposit required.
You're assuming everyone lives where there's a major bank's ATM.
In my area it's one of those shitty Redi ATMs.
@Scab: Then look at Macquarie. They're part of the rediATM network and reimburse all Australian ATM fees. No monthly deposit required.
Don't forget ME Bank refund ATM fees and have no account fees.
@LaScrooge: Only from the major banks though, which all look to be removing their fees. ING and Macquarie will cover private ATMs and instantly (unlike ME).
@DogGunn: that's not correct. As long as it's an Australian ATM, they refund it in no more than 30 days.
I've used private ATM's at a casino with the charge being refunded.
See here: https://www.mebank.com.au/personal/bank-accounts/everyday-tr...
Just save up 1k,get another no-fee bank account, and swap your 1k between the 2 banks every month.
Yes but that's a pain in the arse.
I know that ING refunds the ATM fee instantly. Which is a lot quicker than within a month.
@idonotknowwhy: Thats 1K of capital tied up just get free ATM withdrawals. You could put it in a savings account @ 2.95%, making your free ATM access cost you $29.50 minus tax.
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