Australian banks getting rid of ATM withdrawal fees

cguy

Expert Member
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Jan 2, 2013
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In the US, first we didn't had to pay any fees (withdrawal or deposit) at our own bank's ATM, and then at a consortium of banks (at least 15 years ago). Not sure now, could just be my premium bank account (not a particularly high bar), but I get free withdrawals and no conversion fees anywhere in the world. If the local bank charges me, I get reimbursed. I realize that this still probably gets paid via higher credit rates, and lower interest rates on the account, but it was such a great PR move, it makes me wonder why it wasn't universal.
 
Joined
Dec 7, 2010
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not sure that this will ever happen here... not with the current business models banks have with ATMs and cash handling.
 

SauRoNZA

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Jul 6, 2010
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33,767
not sure that this will ever happen here... not with the current business models banks have with ATMs and cash handling.
Not to mention cash in transit Heists.

It can all be avoided by just going cashless.
 

supersunbird

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Oct 1, 2005
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48,417
oh, a capitec customer... that bank has about ... what, 5 atms in total? LOL
About 1200 ATMs in 2015. And then again ALL other ATMs are Capitec ATMs, R8.50 is not a big fee, especially if you withdraw all you need for the month once.
 
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About 1200 ATMs in 2015. And then again ALL other ATMs are Capitec ATMs, R8.50 is not a big fee, especially if you withdraw all you need for the month once.
Or like on my FNB product, free atm withdrawals at a fnb atm... all the time.
 
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Yes. If you reduce the merchant costs or put them on a sliding scale than Cashless is more and more of a reality everywhere.
Yeh, those are expensive... Problem is, cash costs that informal merchant nothing. But if you can convince him of the risks of cash-on-hand and offer him a next-to-nothing POS, which doesn't take 2minutes to perform a transaction because of connectivity, then he might be convinced..........

but then you also have the cash based taxis.... the several tries that different banks have made to try to convert the taxis into tap and go, has not gone great
 
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Yeah, for R100 a month admin fee I assume. At Capitec, my entire month's bank fees aren't even half that.
Let's try to not make this a fee battle between capitec and fnb again, because there aren't any winners
 
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