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
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
4 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
4 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
5 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
6 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
8 hours ago