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Consumer win on ATM fees
Consumer win on ATM fees
ANZ’s decision to remove the $1 fee it charges customers for using another bank’s ATM follows a call from Consumer NZ for all banks to remove these charges.
Last year, Consumer NZ called on ANZ, ASB, BNZ, Kiwibank, The Cooperative Bank and Westpac to remove the fees. ANZ chief executive David Hisco decided to further investigate the matter. The bank found people regarded the fee as unfair because even though they were using another bank’s ATM, they were still accessing their own money.
The fee kicks in when a consumer uses a competing bank’s ATM. ANZ estimates it does eight million such transactions annually.
Today it announced it would remove the fee from 26 March. It is also reducing or simplifying other fees and charges this year.
Consumer NZ chief executive Sue Chetwin said this was a great outcome following the concerns it raised. ANZ is the biggest bank in New Zealand. She hoped the other banks would follow its lead.
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