Despite agreeing to scrap ATM interchange fees within a year, the ANZ and Commonwealth banks have both announced increases to the fees.
The fee that ANZ charges its customers each time they use an ATM belonging to another bank has gone from $1.50 for withdrawals and $1.25 for balance enquiries to $2 for each. CBA charges $1.50 for both withdrawals and balance enquiries but will also increase the fees for both to $2.
The moves mean that all five of the nation's largest banks charge $2 for any foreign ATM transaction. The banks have an agreement with the Reserve Bank of Australia to remove interchange fees and instead charge the customers of other banks directly, disclosing the fee at the time of withdrawal and allowing cancellation of the transaction without charge if the fee is too high.
