Australia’s big four banks have scrapped ATM withdrawal fees as they try to revive their image following various scandals and tougher regulatory standards.
All these banks, namely Commonwealth Bank of Australia (CBA), Westpac, National Australia Bank (NAB), and Australia & New Zealand Banking Group (ANZ) have decided to remove the AUD2 ($1.60) ATM withdrawal fee previously charged from customers of other banks.
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The move will however, only applied to domestic users and will cover customers using overseas cards.
“We have been listening to consumer groups and our customers and understand that there’s a need to make changes that benefit all Australians, no matter who they bank with. This is one of the steps we’re taking to make that happen. “As Australia’s largest bank, with one of the largest branch and ATM networks, we think this change will benefit many Australians and hopefully demonstrate our willingness to listen and act on customer feedback,” Commonwealth Bank said in a statement.
The initiative comes shortly after the Australian Transaction Reports and Analysis Centre (AUSTRAC) filed a civil suit against CBA for alleged money laundering and financial crime. Soon after, the Australian Prudential Regulation Authority (APRA) launched an inquiry into the bank’s governance.
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