| Sports Betting Online |
ATM direct charging a success
26 March 2009 |
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| Reserve Bank assistant governor Philip Lowe yesterday gave his seal of approval to the outcome of the new ATM direct charging system, declaring that "most card holders are paying no more for ATM transactions than before and some are paying less."On March 2 the financial services industry adopted a system where the owner of the ATM charges the user directly for the service rather than charging the user’s financial institution. The charge is displayed on the ATM before the transaction is completed and the user can cancel the transaction without charge.Lowe said: "While it is early days, the competitive forces are playing out broadly as expected.Initially two of the four large banks announced that they would retain a foreign fee. Not surprisingly, there was a swift reaction by these banks' customers and, as a result, they have now abolished their foreign fees."Lowe said the RBA was monitoring direct charges. Most ATM owners are charging a $2 withdrawal fee, NAB is charging $1.50 and "some owners" are charging $1. |
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| Source : The Sheet |
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