One
of the most hated little expenses that annoys shoppers is the $2 or $2.50 fee
to withdraw cash from ATM’s.
Well
the Commonwealth Bank has announced that anyone can withdraw cash from their
ATMs without fees starting right now. Other banks have been urged to follow
suit.
Of
course the convenience of having ATMs at every corner (including the aisles at
QVM) has been driven by the fact that they make considerable profits for the
machine’s operators. It is estimated that Australians pay $500m per year in ATM
fees for withdrawals from institutions other than their own bank.
The
action by the CBA is likely to impact significantly on the banking industry and
is seen as a great win for shoppers.