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Big four banks scrap ATM fees

24 September 2017

The announcements came two days after Treasurer Scott Morrison announced draft legislation to hold bank executives to "heightened standards of behavior" and bolster trust and confidence in the financial system.

After the Commonwealth Bank took the step to scrap the controversial fee Westpac, ANZ and the NAB soon followed suit on Sunday for their ATMs across the country.

'This will make it more convenient for millions of Australians to conveniently obtain cash, with no additional fees, ' Westpac spokesman George Frazis said.

"We know it has been frustrating for them to be charged to withdraw their own money from an ATM, and the change we are announcing today will benefit millions of Australians".

'The move by the Commonwealth Bank to stop charging non-customers to withdraw money is a win for consumers and sends a clear message to other banks that it's time to axe these fees'.

"As Australia's largest bank, with one of the largest branch and ATM networks, we think this change will benefit many Australians and hopefully demonstrate our willingness to listen and act on customer feedback", he said on Sunday.

Following in the footsteps of the nation's largest bank, the Commonwealth Bank, Westpac revealed it will permanently ditch the $2 charge for all Australians using any ATM in their network which has more than 2900 machines.

ANZ Group Executive Fred Ohlsson said the fee would be dropped on its more than 2300 machines from early October.

"This is the latest in a suite of initiatives by banks to create better products and services for customers and boost customer choice, including reducing interest rates on credit cards and offering fee-free transaction accounts", CEO Anna Bligh said in a statement.

Non-customers using Westpac ATMs will also have St. George, Bank of Melbourne and BankSA cut into the deal.

After the CBA announced it would be the first to scrap the bank charges at its 3,400 ATMs, Westpac and ANZ followed its lead in also removing the fee, with involves an estimated 250 million withdrawals annually - worth $500 million in fees.

"We understand that the "foreign ATM" fee has been deeply unpopular with consumers".

Labor leader Bill Shorten kept up pressure for a royal commission.

"This is a good outcome for customers", Andrew Hagger, National Australia Bank's chief customer officer of consumer banking and wealth, said in a statement.

Big four banks scrap ATM fees