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Concerns Banks Will Cut Down On ATMS Following Scrapping Of Withdrawal Fees

About time!

Concerns Banks Will Cut Down On ATMS Following Scrapping Of Withdrawal Fees Sarah Bol

Four of Australia’s biggest banks announced they’re scrapping the $2 unpopular fee for withdrawing cash from a competitor’s ATM on Sunday - but does this mean there'll be fewer ATMS for the public to use? 

The move was welcomed by Treasurer Scott Morrison, who accredited the change - which would cost the banks about $500 million a year - to pressure from the government for banks to put their customers first.

"I'm pleased they've taken this decision," he said on Monday.

However, there's concerns banks may cuts or shut ATM services following the decision. 

Asked whether he would keep an eye on possible ATM closures, Mr Morrison said the government would be watching.

"I don't know why they'd want to withdraw services to customers because I think their customers would respond appropriately to that."

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