Ban $2 ATM transaction fees – Greens
03.11.10
The Greens have called for an end to $2 ATM transaction fees / File AAP
THE Australian Greens want to ban major banks from charging $2 fees for non-customers to withdraw cash from their ATMs.
The party will propose amendments to the trade practice laws to stop major banks charging for Automatic Teller Machine use.
But it won’t advocate the fee ban for credit unions, building societies or independent ATM operators, such as corner shops and clubs.
Greens leader Bob Brown says the multi-billion dollar major banks don’t need the extra annual $680 million generated from inflated ATM fees.
“Australians spend around $1000 on bank fees (annually), 20 per cent more than in the UK where ATM fees don’t exist,” he said.
The $2 fee doesn’t reflect the real cost of processing an ATM transactions, he said.
“The Reserve Bank estimated it was about 50 cents in 2000, which is likely to be even lower now.”