The Reserve Bank of Australia has revealed that ATM transactions have declined since banks were forced to display fees on screen.
Millions of Australian debit and
credit card holders are shunning ATMs to avoid paying fees for withdrawing money.
According to figures released by the Reserve Bank of Australia, the number of transactions from ATMs which people are not a customer of fell by 18 per cent year-on-year in January 2009, the equivalent to around six million withdrawals.
This decline in credit card use has been attributed to the introduction of new regulations last year forcing banks, building societies and credit unions to display their fees on screen.
Christopher Zinn, spokesman for consumer advocate group Choice, claimed that consumers of the
Australian banking industry are becoming more conscious of paying charges.
He told news.com.au: "It shows once people realise what they are being charged, people are prepared to vote with their feet.
"There are costs attached to all payment systems but you have to ensure you minimise those where it is possible."
Earlier this month, the Commonwealth Bank of Australia disclosed that consumers aged between 30 and 64 have increased their credit card spending during the international financial crisis.
By Emma North
