ATM fees are still stinging
CUSTOMERS are being charged exorbitant fees of up to $21 to access their own money from Australian ATMs, concerning new figures show.
But it is even worse for customers using overseas machines – some are being hit with charges of more than $250 just to get cash out.
Banking sources have revealed customer data to News Corp showing some of the heftiest charges pinging customers in the past 12 months.
The data showed customers were being charged up to $21 to access their own money from machines at adult entertainment venues in Melbourne’s CBD.
Customers withdrawing cash while overseas were also pinged heavily, with popular destination hot spots including Las Vegas proving the biggest cash traps.
One customer withdrew $US1000 – the equivalent to $A1414 at the time – and paid fees totalling $283.
In another instance, a customer withdrew $US800 – the equivalent of $A1183 – and paid fees totalling $236.
These fees could include an ATM charge as well as a percentage fee on the amount being withdrawn.
In 2017, the big four banks all dumped ATM charges for customers using machines within their networks in Australia.
Despite this, some smaller independent ATM operators and some banks still charge customers when they go to access their own cash.
Financial comparison website Mozo spokeswoman Kirsty Lamont said Australians were getting stung too easily by excessive rates, particularly when overseas.
“Australians are being hit with sky-high ATM fees overseas when they use a card that isn’t designed for overseas travel,” she said.
“Just taking your everyday bank debit card overseas could see you slugged up to $5.50 each time you make an overseas ATM withdrawal.”
Ms Lamont said there were 24 financial institutions on Mozo’s database that didn’t charge ATM fees, so customers should “shop around and save”.
editorial@cairnspost.com.au facebook.com/TheCairnsPost www.cairnspost.com.au twitter.com/TheCairnsPost