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ATM usage surges after fee removal
Just days after eliminating withdrawal fees from its ATMs, Commonwealth Bank has recorded a significant increase in usage of its machines by customers of other banks.
According to CommBank, the immediate effect of removing withdrawal fees from its ATM network on Sunday 24 September 2017 was a 16% increase in usage by non-CommBank customers. This usage increased further to 38% on Monday the 25th, and to 46% on Tuesday the 26th, for an overall average increase of approximately 34%.
Commonwealth Bank executive general manager, Andrew Hall, described this rapid increase in usage as proof that Australians wanted a change:
“This is great news for Australians living anywhere across Australia but it is particularly good news for people living in areas where there is less choice of ATM providers.”
| State | Sunday ATM use % increase | Monday ATM use % increase | Tuesday ATM use % increase |
|---|---|---|---|
| ACT | 15% | 55% | 57% |
| NSW | 13% | 39% | 45% |
| NT | 27% | 16% | 19% |
| QLD | 19% | 49% | 48% |
| SA | 16% | 38% | 32% |
| TAS | 24% | 58% | 50% |
| VIC | 17% | 43% | 54% |
| WA | 16% | 1% | 36% |
| National | 16% | 38% | 46% |
(Increases based on comparison to ATM usage on Sunday 10 September, Monday 11 September and Tuesday 12 September 2017)
It is not yet known what impact the removal of foreign ATM fees has had on ANZ, Westpac and NAB, which also moved to eliminate these fees soon after the CommBank announcement.
As well as the Big Four, other Aussie banks are making the commitment to remove ATM fees, including Suncorp, as well as Bankwest, with the exception of its ATMs in 7-Elevens around Australia.
Disclaimer
This article is over two years old, last updated on September 28, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent bank accounts articles.
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