It has now passed the 3 week mark since the introduction of ATM direct charging. In that time we have established what the players are charging, piqued the interest of the mainstream media and seen every bank drop their disloyalty fees (it appears Adelaide Bank has given in too).
In the 3 weeks of ATM direct charging, ATM Fee Tracker Australia has seen over 4,000 visits and served almost 15,000 pages. We never really imagined seeing this kind of traffic so early in the website’s life. At least one third of the traffic, if not more, was driven by the mainstream media. We have done radio, newspaper and TV interviews and we thank those journalists for their time.
Since the launch of the site, we have had feedback through comments and email from users with input on the fees they have seen which we have incorporated into our tables. We thank you for that. In addition to the general public, some banks and ATM providers also provided feedback and clarification which is greatly appreciated.
Why am I telling you all this and giving you statistics on our site? Well in amongst all these visits and comments there are a couple of interesting points.
Firstly, quite a number of visits are coming from behind interesting host-names! Visits from within networks of all the big 4 banks figure in the top 25 network locations we have had visits from. To those of you at Westpac, NAB, Commbank and ANZ… hello.
In addition to the big 4 banks, many of the smaller financial institutions figure in both the top 25 and top 100 network locations we have had visitors from, as well as the Reserve Bank of Australia, the APCA and some other interesting names.
Now, the second and more interesting point. Considering we had so many visits from inside the banking sector, it was only a matter of time before someone on the inside of one of the big 4 banks commented.
Last week, we had an interesting comment that one of the big 4 banks had a great deal at an ATM in a remote part of Australia. We almost missed it given that our comment spam killer put it straight into the recycling bin. This particular comment related to a very low direct charge fee at an ATM of one of the big 4 banks. After some investigation, we found the comment was from within the network of the bank that ATM in question belonged to and the email address that was used for the post was bogus. As a result, we did not feel comfortable approving the comment and making a song and dance about it. However, if the poster is out there reading this, we are still interested in what you had to say. Please send us an email (info@atmfeetracker.com) to clarify and confirm what you know. Any discussion on this can remain anonymous.
For our readers in the general public, keep those comments and emails coming. It is only with your help that we can really keep a watchful eye on these fees. To those inside the banks, feel free to drop us an email if you have anything you want to say, clarify or correct. We know we are not always right and we are not too proud to print a correction if required.
Prior to direct charging being implemented, like most plebs I had a transaction account with big four and I accepted that bank fees were a way of life. Then about 2 years I found a Citibank account where upon getting my pay put into the account every month, I wasn’t charged any fees, not even foreign ATM fees. I couldn’t believe it and when I actually confirmed this was the case, I switched as soon as I could.
For 2 years I enjoyed fee free banking bliss and I encouraged everyone I met to make the switch. Despite that they all moaned about fees and charges, not a single one took the initiative to change banks. When I read the RBA FAQ (http://www.rba.gov.au/FAQ/atm.html) on why these changes were brought in it states “These fees are not transparent and cardholders have no choice in the level of foreign ATM fees they pay to their financial institution.” This is an abject lie. The fees are on every statement, they are clearly outlined in the financial institute’s documentation. Beyond that, cardholders had a choice to pay fees or not. The could choose to do business with a institution that charged fees or one that didn’t.
Now I don’t have a choice. I firmly believe that the only reason this even looked like getting any sort of consumer support was through the sheer laziness and apathy of people who didn’t want to change.
I’m now looking at a Bank West Zero account. Apparently they reimburse you the amount of the direct charge of the ATM. I’m in the process of attempting to open and operate one of these accounts which has been a saga in and of itself. However, if it operates like my pre March 2009 Citibank account, it will be worth it. My fear is that if enough people join then the Bank may decide to remove it’s fee reimbursement action, but given the consumer apathy which lead to this situation occurring in the first place I think my fear might not be justified.
I opened a Bank West Zero Account. While I was initially happy with account, it wasn’t a true debit card account as it allowed unlimited overdrafts. Instead of declining transactions which would take you over the limit, it would allow them and then charge you interest on the amount by which you went over. This is above and beyond the stated $100 overdraft limit.
As of October the 31st, Bank West will be implementing direct charging for foreign ATMs, which for Zero Accounts, is any ATM outside of the Big Four. This removes any reason I had for operating a Bank West account and I’ll be shutting mine down next month.
Thanks for 5 months of ATM fee free banking Bank West.