ACCC moves to ditch remote ATM fees

30 Aug, 2012 01:44 PM
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FEES for withdrawals and other transactions from some ATMs in very remote Australian communities would be waived under a draft determination issued by the Australian Competition and Consumer Commission today.

A report by Financial Counselling Australia in 2010 found some people - most of them indigenous - living in remote areas were spending as much as 20 per cent of their incomes on ATM fees. It identified at least one ATM at the time where a fee of $10 was charged per transaction.

But an ACCC determination today would provide legal protection for fee-free cash withdrawals and account balance inquiries.

A preliminary list of 76 ATM sites for the fee waiver in remote communities across the Northern Territory, Western Australia, South Australia and Queensland has been proposed by the Australian Bankers' Association.

Interim authorisation was granted by the ACCC for the move in June.

The draft determination is now open to submissions until September 28.

SMH

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