CBA cancels ATM fees
The ATM companies like stl are absolutely stuffed now
Can't help feeling there is something else going on behind it all other than dissatisfaction from customers having to pay $2 non-customer fee, it never bothered me. The new $10 note has just arrived and is going through the same teething problems as the new $5 note at checkouts but once that is sorted out we will have 2 very safe notes for all our small transactions. Hope they bring out a new $20 note soon.
I would hate to be getting around with just a plastic card.
It's a tax avoidance strategy the banks are trying out. If the govt taxes the banks more, people will feel a bit more sorry for them. It's all PR. The banks have plenty of fat in them to absorb the lost profits and costs
Its all smoke and mirrors from reading today's The West Australian with CBA in regards to Bank West. Unless you're a CBA customer you don't pay for the privilege of using Bank West ATMs. Unlike Westpac who won't charge fees on any of their subsidiaries (eg St George) with ATM usage. What is funny in NZ there is no foreign ATM fees charged by the big 4 over there if you bank with them, but if I want to use my ANZ card linked to my Australian account in a NZ ANZ ATM I'm charged a fee in addition to a foreign exchange fee.
Stl got hammered today to 1.6 cents. Closed at 2 cents. 1cent id a real possibility in the next 6 months. If transaction volumes decrease.
forecast hasn't changed, in the convenience market where people pay for the convenience of effectively being lazy....
you've got a fair old bee in your bonnet re stl for whatever reason?
Davey so you still believe that the main competitors offering free transactions won't effect stl. Really? Volumes are already trending down? and that won't continue or accerate?
I've got a bee in my bonnet? Haha.
We will see, so far I've been right. If Todd makes 5m profit this year, I will be the first one to come out and sing his praises, for me with all the head winds now it makes the 5m impossible. Super effort if he does it
approx 40% of the 32,000 ATM's in Australia are banks, 60% are operated by independents. Therefore, only 40% have dropped their fees. Also, of those 40%, all of them offered no fees for their own customers as it was. The other 60% make their business from charging fees, they aren't going anywhere.
ING in fact, was already reimbursing customers for fees incurred at using other's atms. So effectively they were already free.
Answer me adds, if you're at the pub and want some cash, will you use the atm there for $2.50, or walk a block or three to use a majors atm for free? You'll pay the $2.50. This example is in the cities only.... go to rural areas and there possibly isnt even another atm there at all or in a 10km radius...
you really don't understand the market they operate in.