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$2 ATM fees remain as Swan squibs bank reform: Bandt

Media Release
Adam Bandt 25 May 2012

Treasurer Swan has squibbed it on ATM reform and high fees will remain, Greens Deputy Leader and banking spokesperson Adam Bandt MP said today.

While the government action on ATMs in remote indigenous is welcome and long overdue, the government should have scrapped fees for balance inquiries and capped ATM withdrawal fees at their real cost, Mr Bandt said.

"The Treasurer has been sitting on these reports for months and now has squibbed it on real ATM fee reform", Mr Bandt said.

"By being regularly charged $2 or more for withdrawals, Australians are forced to pay to access their own money."

"Banking is an essential service but the amount of money Australian consumers pay in ATM fees is a scandal and needs to stop."

"While the big banks continue to make record profits, Australians are paying $660 million a year in ATM fees. Changing notification of the fees, as proposed by the Treasurer, will have little impact."

"There is no justification for charging fees for balance inquiries, which have virtually no cost the bank. They are just gouging customers."

"ATMs are an essential service. Fees should be pegged at their real cost. My Banking Amendment (Delivering Essential Financial Services) Bill will do that."

"Scrapping fees in remote indigenous communities is welcome and long overdue, but for everyone else the banks' fee gouging will continue."

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