Aussies Pay $600 Million In ATM Fees Annually

It's always been a good idea to use your bank's own ATM to avoid paying fees. As this infographic demonstrates, with one major operator lifting its fees to $2.50 a time and others expected to follow suit, it's more important than ever.

Finance comparison site Mozo put together the infographic, which suggests that we're often swayed by convenience and end up paying more than we should. The site also makes a useful point: if you must use an ATM which charges a fee, at $1.50 per withdrawal NAB is still cheaper than the alternatives.


Comments

    seriously how hard is it to get to somewhere where a withdrawal is free, if your not near your banks atm there almost certainly a coles, woolworths, iga or something nearby , ive had a bank account/card for well over 10 year and have never paid a withdrawal fee, at WORST all it requires is some thinking ahead, im pretty sure this is one of those things that people just pay for the "connivence" instead of a little effort

    This blows my mind, since I've never paid an ATM fee in my life. It's never even crossed my mind to use another bank's ATM, since there is always a free ATM nearby, or at the very least a supermarket where I can get cash out.

    INGDirect: withdraw $200 and they pay the ATM fee for any ATM.

    Change your homeloan to ING and they will refund all atm fee's!

    Bankwest Zero Transaction Account: Deposit $2000 per month and they pay the ATM fee for major ATMs (ANZ, Bankwest, Commonwealth, NAB, Westpac)

    yup, Bankwest Zero Transaction is great, been using it for over a year now.

    For everyone else, I think it's more about planning and using your phone if you can.
    When I was with Westpac, i usually did a quick google search on my phone and found an ATM nearby. Saved me plenty :)

    Sorry to be blunt, but the title should say "Dumb, lazy Aussies pay $600 million in ATM fees"...

      Michael,
      High taxes correlate with high debt per capita. My Australian Government is such a f#@k up, that it needs to borrow to continue on it's path; a path of destruction.
      Banks see this, you would think possibly they would be a little lenient on their fees right? Wrong, they still want to capitalize on the backbone of the country, the working class.

    You could say the same thing about toll roads. Don't use the toll road and avoid paying the toll. At the end of the day it's all about convenience and time, not stupidity.

    It is just another tool in the 'Big 4' Banks arsenal to keep their monopoly. It makes it hard for a new bank to break into the market

    ATM fees are illegal in Europe. There is no reason why they should be legal here.

      Yep, we the consumer allowed this to happen.

    A lot of arrogant people here claiming the high moral ground. For what ATM fees? Seriously? For the amount of money I withdraw at independent ATM's when one from my bank isn't even within walking distance, I have no problem paying a couple of dollars for the convenience.

      So Kato, what's next you get charged $5.00 every time you want to withdraw an amount of cash from an ATM? It should be scaled, it's absolute bullshit that i have to pay sometimes $3.50 just to withdraw from an independent ATM, and whats even more pathetic is the fact that i have to pay AGAIN just to get a balance. Yeah work that out, more then just a few dollars. I'm sure the programmers who write the code for these POS ATMS could improve the service, but they won't because people like you don't mind paying fees rite?

Join the discussion!