No ATM fees

Discussion in 'Wealth Creation & Management' started by mmm....shiney!, Nov 27, 2016.

  1. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Macquarie Bank is now offering fee-free ATM access at any ATM in Australia. I've signed up as part of the beta testing, I did a balance enquiry at an ANZ terminal, cost $2, then withdrew some cash, cost me $2, Macquarie then reimbursed my account the $4.

    You'll also pay no international purchase fees when you shop with your Macquarie Debit MasterCard overseas or online.

    Won't make you wealthy but it'll help manage your costs.
     
  2. Killface

    Killface Well-Known Member Silver Stacker

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    Hmm. It's gotta go this way sooner or later... one hopes.

    Any other fees? Account-keeping, etc? Do you know what excange rate you get for currency conversion (or that's likely standard across all MasterCards)?
     
  3. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    When I get a chance I'll check the T+Cs.
     
  4. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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  5. House

    House Administrator Staff Member

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    After a whole lot of whinging, CBA will be fee free too

    Apparently Westpac and ANZ have also followed suit.

    What will people do with all this extra discretionary income?!!
     
    Last edited: Sep 24, 2017
    mmm....shiney! likes this.
  6. Seven of nine

    Seven of nine Active Member

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    What will people do with all this extra discretionary income?!!

    Why buy more cappuccinos of course :)
     
  7. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    It's just a PR exercise in damage control. They're simply trying to deflect attention from their money laundering allegations, corrupt life/health insurance scams, dodgy investment advice and so on.

    Can read these grubs like a 2 buck novel.
     
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  8. TheEnd

    TheEnd Well-Known Member

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    How can an 'Electronic' transaction cost $2.00 anyways???

    We've been getting ripped for years!

    And ye especially CBA for having all those money laundering ATM deposit machines that can handle up to 10k cash deposit in one transaction at a time and not even ask any questions. :(
     
  9. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    ATMS acting in compliance with AUSTRAC regulations and exactly the same as if you made deposit over the counter....how dare they.
     
  10. TheEnd

    TheEnd Well-Known Member

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    Just sayin.

    I've read stories of certain criminals feeding bags of 50's into these machines and not one question is even asked because its all done electronically and in the middle of night when no on else is around......10k at a time....... NO bank tellers anymore to ask questions. :(
     
  11. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    It's not a purely electronic transaction, it's a physical transaction supported by an electro-mechanical device.

    $50,000 pieces of complex machinery don't appear by magic and fill themselves full of cash.
     
  12. systematic

    systematic Well-Known Member

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    The idiotic reasonings given to support fees just goes to show some people simply deserve to get shafted by the banks ...
     
  13. systematic

    systematic Well-Known Member

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    No ATM fees because the war on cash continues ....

    Australians are ‘sleepwalking’ into a hi-tech future

    'While some praised the banks for doing the right thing in removing fees that were costing Australians billions, one expert told news.com.au the decision was not surprising as the world was moving away from cash.'

    "Digital Finance Analytics principal Martin North said the decision would spur a “race to the bottom” as banks rushed to remove ATMs now customers would not be penalised for using machines maintained by other banks.

    “Expect to see a reduction in ATMs,” the banking analyst said."

    '“Many young people are prepared to trade away privacy for convenience,” he said. “Particularly if you ask younger millennials and those even younger who have grown up in a digital world — these digital natives — are fully comfortable with mobile phones and really can’t see the point of cash.'

    ''"Consumers love (cashless payment) because it’s more convenient and there is a generational shift and it’s happening quite quickly,” he said."

    read more at: http://www.news.com.au/finance/busi...e/news-story/b51006cf6e5c152c0b7e33f42a7d13e9
     
  14. systematic

    systematic Well-Known Member

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    Do not think banks have a conscience ... they are removing the fees because they are removing the cash ... step by step ...

    They are using this strategy and research studies show millenials are impatient, demanding and bored ...

    "IMPATIENT, demanding and uninspired — that’s how one Coca-Cola executive has described the growing legion of online shoppers swiping on their mobiles, saying companies need to up their game to win business." http://www.news.com.au/finance/busi...SF&utm_source=News.com.au&utm_medium=Facebook
     
    Last edited: Oct 17, 2017
  15. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    There was a question about international ATM's on one of the the threads around here, ING have announced a rebate on international ATM fees but there are a number of hoops you have to jump through and it will require some preparation before any planned overseas trips. Still may be of interest to some and could save you some $$$.

    https://campaigns.ing.com.au/cards?cid=edm:cem:vty:card
     
  16. Silverling

    Silverling Well-Known Member Silver Stacker

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    For the best overseas ATM card you can not pass on the Citibank Plus account with a Mastercard Debit Card.


    [​IMG] You withdraw money at over 3,000 ATMs Australia-wide for free

    [​IMG] You transfer money to friends and family anywhere in the world for free2.

    [​IMG] You withdraw money from any ATM overseas and are not charged a Citibank fee or FX transfer fee1.

    https://www.citibank.com.au/aus/banking/everyday_banking/citibank_plus.htm

    Best overseas card I have ever used and works well, tried it in many countries already, cheers.
     
  17. projack

    projack Well-Known Member Silver Stacker

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    When credit card annual fees were originally introduced, the reason was given to reduce interest charges. These days real to credit cards official interest rates never been wider, while annual card fees also going up, like the banks profits, and the original promise long time forgotten, even by the consumers. This is how the system works.
     
  18. systematic

    systematic Well-Known Member

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    OK ... but for people to think of reasons to justify the banks charging them fees when they can put their energy into why they shouldn't .... is the point being made ...
     

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