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.
My pay goes directly into my mortgage, so I just transfer $1000 in and out every month. Stupid that I have to, but not really any hassle to do so.
Me Bank savings account has had no account keeping fees for ages
NAB Classic account also has none.
Oh and UBank is free.
Citibank Plus
Anz commencing early October
Westpac from when?
(prob should include start dates in the description in case someone tries to take advantage of it now)
If there is a starting date, then people can take advantage of it.
If there is no starting date, then banks will take advantage of people (who do not care to read the fine prints).
About time these fees were shown the door.
Banks extort fees from us every day ($15 for a bank cheque?!)
You get a bank cheque every day?
We can't even transfer funds without having to wait a day or two (sometimes 3 days) without the bank taking advantage of us.
Banks in Asia have the luxury of zero time lag payments even within different banks. Why can't we have it? It's not like you can blame large vast land masses restrictions
It's coming by the end of the year/early next year. Google "Australia NPP" for further details.
Haha well played.
Imagine how many bank cheques are made each day at $15 each. For a piece of paper with a barcode and a signature. Insane!
Since when did bank cheques have bar codes?
A bank cheque is more than a piece of paper. The fee also covers the time for the cashier to create the bank cheque, processing etc.
Yearly homeloan fees need to go as well. You're already getting interest off me.
apple pay would be news, this is nothing really
I think one more of the big 4 jumps on board maybe the others will follow in a heart beat
ANZ has had it since the get go. It's not that.
No it hasn't we got it a few years after Apple Pay came out.
@Jetship: Apple Pay launched in Australia on April 27, 2016 with launch partner ANZ and AMEX. It was only about 18 months after the US release.
@DogGunn: So which is worse. ðŸ¤
Being 18 months out - (18 months from Get Go)
or
a few years after
So, "a few" cannot be one, but it can be as low as two.
which would be 6 months out
😀💰
@Jetship: They were the first ones to bring it out in Australia… so no idea what you're trying to get at.
@RockyRaccoon: Kinda pointless arguing semantics here, considering I am clearly referring to the Australian launch. There is no point including the US in that time period because Apple hadn't even made it avaiable to contract with Australian banks until the year following the US launch.
Honestly I think it's good the big banks have been holding out. Apple pay is just ANOTHER middle man in a transaction, sure at the moment they are only charging .15%, there is nothing nothing to stop that changing though.
Then you have visa's .5% or whatever they charge. We don't need more middlemen that add cost just to "transfer" our money around. Both android pay and Samsung pay don't charge any transaction fees, but apple being apple and knowing they can force their way in with their market share have decided to use it as another money making tool.
Apple Pay was introduced before standardisation of tokens between Visa and MasterCard. Hence, Apple was handling payment as a middle man, rather than simply forwarding the data to the parent card provider. Whether or not this makes the fees "okay" is a different question, but the systems are different. Yet, I assume the level of security will be equal.
I don't know if my memory is fuzzy on this but I'm sure at very least android pay and quite possibly Samsung pay came out before Apple pay?
Edit: No you are right, Apple pay did come before. I guess it just didn't make much of an impact early on as no one supported it.
Still I think it's just typical apple that they are the only ones charging a fee for it and on top of that they have locked down the NFC chip in all their devices essentially locking out any competitors on their platform.
@brad1601: yeah. I imagine that Google and Samsung aren't charging so they can attract more banks and thus customers. Kind of stupid that no bank except ANZ jumped onto Android Pay, despite it having no fees.
As a consumer, I don't really feel sorry for the banks. As long as the customers aren't getting hit with a surcharge, I'm fine.
Yeah I think we both know if there is a surcharge or not (which there won't be) it will be absorbed in their total costs and their fore passed on at some stage, probably to all customers, not just ones using Apple pay.
Yeah the big banks were a bit scared to use a 3rd party provider for a while, maybe they were worried android pay would introduce a fee once they had everyone hooked in or something.
They do seem to be coming around now though, com bank just announced they will be moving over to android pay instead of their own app. Rumour is NAB is in the process of doing it too it's just not public yet. Plus the large amount of smaller banks that already support it.
@brad1601: yeah, it's good. The little chip stickers banks were pushing simply weren't as secure as the mobile options. Additionally Apple/Samsung/Android pay don't share user info with retailers, which IMO is a big plus.
@brad1601: Android pay is just continuation of the Google Wallet project, which has been working since 2011 easily (in USA).
Ahh yes maybe that's why I had that idea in my head. I though Google had a tap and pay solution before Apple.
cheers
Amazing what rubbish this banks are. They cry all the time how they have to have the fees to cover their cost but as soon as one bank drops them all the other ones do the same. How are the costs now covered? The big banks are no better than the Nigerian scammers.
Capitalism at its finest
Now other products will subsidize this cost. Do you really believe running a network of ATMs doesn't cost anything? Kinda like telling a guy who owns a vending machines that he should charge the same price as a supermarket for a can of coke.
This starts a new era in the Australian ATM fee industry - bring it on!
What they give with left, they'll take away with the right.
Wouldn't St.George follow seeing their owned by Westpac?
BoM, Bank SA and StG are all managed on their own despite being on by Westpac. They'll probably all follow though.
well bank sa still dont have sammy pay
The article that was linked to states this – "The change will also apply for banking customers using St George, Bank of Melbourne and BankSA machines."
Nice, thankyou for reading it for me :-)
Will this 'bargain' also get 700+ (at the moment) + votes like the CBA one?
Never in my life have I paid ATM fees in Australia, don't see the point of this.*
*Except when using a 3rd party ATM not owned by a major bank such as at the Casino.
Because now you can use other ATMs which might be more convenient?
ATMs were fee free at one point. It will be good not scrounging around for the right ATM. As long as this doesn’t mean the banks will pull back the number of ATMs around.
Omg they just opened the flood gates! Maybe next it will be free batista latte whist waiting for teller.
Enjoy a coffee while you sit down to relax or wait for a specialist appointment at our professional barista cafe.
So you can just go to the branch, sit down to relax and get a free coffee? Nice.
If they had a branch doing free coffees in Melbourne it would be pack all day every day!
Bad news for me. A plus of my accounts eradicated, with no fee reductions. I can’t wait for the increased lines at Westpac ATM!
What do people take cash out for these days? Seriously. Only time I use an ATM anymore is for $20 for a haircut… so maybe once every 2 months
Haircut = paywave.
I rarely have money in my wallet, use my phone to pay for everything.
Pretty soon I wont have a wallet either with drivers license coming digital next month….
If I am caught for a traffic violation I would not like to hand over my phone to the cope for checking the digital license. Same way I don’t want the pub to hold on to my phone 📱 when I open a tab.
fair enough, each to their own.
A real OZBer would always let his friends open a tab ;)
Hence the changes as I'd say it's not a major source of fee revenue anymore.
What do people take cash out for these days?
Because sometimes it's all you can use, and because of account keeping fees.
You get charged account keeping fees whether you have a $1 in your account or more?
Various shady activities that neither party would like to have a record of.
Buying stuff from gumtree, asian restaurants etc etc
What do people take cash out for these days?
My drug dealer only accepts cash.
All the fun stuff I don't want my wife to know about.
About time, on another subject what do westpac charge for overseas purchase online is it extra 3%?
Im looking to get an item its from a usa website and has pay by card or paypal.
On ebay if buying an item from there you are given the amount you be charged by paypal on your bank account.
But this site does not show this yes shows pay by cards or direct by bank but as its a usa website the amount is in usd.
So if i paid this through paypal im only paying the usd amount i see? Does paypal not take a cut? Or will website obviously get less?
And what do i get charged? If westpac does take 3% as its an overseas purchase is that all extra i will be charged.
Im just curious where paypal comes into this with charges.
As i said when paying for something on ebay from ebay.au you buy from overseas they charge a bit more and you see in total what your charged.
But im not seeing what i be charged here.
I do have another card fee free card but just don't have the funds to cover it right now on there and might sell before i can get funds on it due to local holiday etc.
Anyone know best method here?they do offer card payment also but i thought using there option of paypal would have better cover if was any issues.
28 degrees
I know about the fee free cards i own one but this does not answer what i asked.
Paypal will get its cut from lower exchange rate and whatever they charge seller.
ANZ follow Westpac and CBA. Thanks AG1304x.
Will NAB follow?
ANZ stated they'll remove the fee starting October.
lol
ANZ stated they'll remove the fee starting October.
Yeah, someone should update the post to state that.
They're not doing it out of the goodness of their black shrivelled hearts……..it's more that they are doing their damnest to avoid a banking sector Royal Commission.
After decades of ripping us off it's gonna be too little too late…….
imagine what might be achieved if one bank made a stance on credit card interest rates.
Beauty!
They are only doing this because more people are using pay wave and less are withdrawing cash.
Not gonna lie how is this a deal, shouldn't this be posted in the forums?
News is reporting that NAB has also abolished the fees.
"NATIONAL Australia Bank is the final of the big four to dump ATM charges for all Australians today, following in the footsteps of its major rivals.
Late Sunday, NAB revealed it was dumping the $2 charge after ANZ, Westpac and CBA moved to ditch the fee."
** How come my post gets merged, but this post did not get merged with the Commonwealth bank post **
Your link goes to the exact same news.com.au source, it doesn't warrant a new post if the original thread is already being updated regularly. It also clutters the website and fragments the discussion. Keep it to as few threads as possible, thanks.
If I posted a different news source, would it then be counted as an original thread?
Who wants cash anymore?
Just got back from China. anyone can buy almost anything with a phone, furthermore, if you have enough money in your Wechat or Alipay, you dont even need a bank! People can pay into your wechat account.
Even beggers ask you to donate via Wechat!
So wechat is like whatsapp right? And it has a balance + you can send money? Cool..
Wechat is my favourite way of spending money and paying friends. We really need something like it here.
Line also has a money transfer service.
sweet, cheaper to launder my dirty money now
bikie?
Can't you just put the dirty money into washing machine to wash it clean?
Get a heat pump washing machine to save more energy cost.
All this does is probably reduce the number of ATMs they have to service. Probably all agreed to waive each others occasional $2 fees and now they just cut back the number of ATMs around the country by 25%. Less maintenance for the banks, and free PR.
Exactly. A point many have missed. They dribble about ING etc. This is the fee the ATM charges you NOT your bank charging you (it's just passing on the fee).
So while Bankwest still charges the ATM fee on other banks cards, Bankwest customers can use the other banks for free.
So in reality if you can use any ATM from the big banks then they dont need as many ATM's to keep you happy as you an use the bank next doors
Apple Pay news?
@LaScrooge: You are correct after reading that link. I think maybe I confused them with BankWest's offer which is only the major banks.