ATM fees are the fees that consumers pay for withdrawing cash from their transaction accounts or for a balance enquiry via an ATM. However, whether they are charged or not and how much they are charged in fees will depend on which ATM they use and which financial institution they are part of.
In March 2009 the Federal Government introduced the ATM fee reform which stated that ATMs must show how much you will be charged in fees for before making a transaction. The consumer can then choose to continue and pay the fee or cancel the transaction and avoid the fee.
Below are some ways that consumers can reduce the amount they are charged in ATM fees:
- Speak to your transaction account provider and find out if you will be charged to withdraw money from their ATM network.
- Find out if you will be charged for withdrawing money via EFTPOS terminals. Some EFTPOS terminals are free to use and allow you to withdraw cash for free from major supermarkets and some department stores. Some supermarkets also allow you to use the self-service checkouts to withdraw cash without making a purchase.
- Compare banks accounts to see if you can find a bank offering no fee transaction accounts.
- Think ahead and work out how much money you may require for the whole weekend, or the week ahead, and withdraw enough money to last you during that period.
- Take the extra time to find an ATM that won’t charge you money – remember every little bit helps.
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