One reader has alerted us to a somewhat unusual approach by Commsec to ATM direct charged fees. Commsec, a subsidiary of CBA, offers customers a cash account of which customers will be charged no ATM operator fee directly. Instead it appears Commsec picks up the tab for the ATM operators fee, and then charges the customer $2.00 for each transaction. Want to know why is this approach unusual, then read on….
So here is what is a little crazy. If you check your Commsec cash account balance at any non-CBA ATM, that’s going to cost you $2.00 even if you are using a rediATM where you would otherwise get a balance check for free. Want to actually get some money out while you are at that rediATM? Well instead of the $1.75 the rediATM folks would charge you, Commsec is going to charge you $2.00. So instead of paying $1.75 for a rediATM balance check and withdrawal, you’re up for $4.00.
Basically, Commsec is paying rediATM $1.75 and pocketing $2.25…ca-ching, ca-ching.
The above fees for the scenario are based on information accessed on the Commsec website and our ATM fee table as at 16th March 2009. For more information:
http://www.comsec.com.au/Public_FrameSet.asp?Page=HProducts
http://www.comsec.com.au/public/news.aspx?id=1048
http://www.atmfeetracker.com/atm-fee-table/
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