Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Australias ATM-fee reg prompts boycott of banks
SYDNEY, Australia (3/16/10)--Less than one year ago, new regulations went into effect requiring Australia's credit unions and other financial institutions to display their ATM fees on screen. In January, Australian consumers made six million fewer transactions at "foreign" ATMs than they did in January 2009. Overall ATM withdrawals are down a record 6.9% from a year ago, according to the Reserve Bank of Australia (Sunday Telegraph March 14). The number of withdrawals at "own bank" ATMs rose slightly while "other bank" ATM withdrawals dropped 18%. The data was released Friday as some Cashcard ATMs hiked their fee to $2.50 for a single transaction. The standard fee for foreign ATMs has been $2 since the reforms became effective. Consumers are shunning ATMs due to high fees, fear of scams and convenience, say analysts. Many are withdrawing extra cash at the point of sale when they shop. Once fees become transparent, consumers became more conscious about paying them and they voted with their feet, said Christopher Zinn, a spokesman for Choice, a consumer advocate group. Australians used ATMs more almost 66 million times in January 2010.


RSS print
News Now LiveWire
FHFA today announced it's extending comment deadline for guarantee fees Fannie, Freddie charge lenders to Sept. 8.
10 hours ago
The 2014 @CUwomen Forum was held in Gold Coast, Australia yesterday during @WOCCU 's World CU Conference.
13 hours ago
.@CFPB obtains $92M in debt relief from Colfax Capital Corp. http://t.co/QPZAeCAcy2 See also: http://t.co/Kjf4HHkINW
14 hours ago
Julian Castro was sworn in as 16th secretary of @HUDgov Dept. of Housing and Urban Development Mon.
14 hours ago
.@CUNA's Chief Economist @SchenkMike talks consumer confidence--at highest levels since 2007 w/ @TheStreet @JoeDeaux http://t.co/JyoYQmhAxc
14 hours ago