Australian Banks Drop ATM Charges in Reputation Fightback
- ANZ, Westpac, NAB follow Commonwealth in scrapping A$2 fee
- Move may save teller-machine users A$500 million annually
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Australia’s four largest banks are scrapping cash withdrawal charges for all domestic users as they try to salvage their reputations amid rising political pressure for tougher laws after a series of scandals.
Commonwealth Bank of Australia, the nation’s biggest lender, said Sunday it would immediately remove the A$2 ($1.60) fee for all users of its 3,400 branded automated teller machines across the country. Westpac Banking Corp. and National Australia Bank Ltd. followed hours later, while Australia & New Zealand Banking Group Ltd. said it would halt the charge from early October.