Banks set to drop ATM fees

Sophie Elsworth
Herald Sun
March 12, 2012

ATM users willing to watch adverts before making transactions could escape bank fees.

Australian banking customers are expected to follow in the footsteps of ATM users in the US and make transactions free if they watch a quick commercial first.

Customers ATM is the country’s largest independent provider of ATMs with more than 6000 terminals, and corporate affairs manager Rohan Martin said the concept could hit our nation’s cash machines.

“Time will tell,” Mr Martin said.

“Whilst the very large advertisers see it (ATMs) as an excellent medium, we’re very mindful that the intrinsic function of the terminal remains.

“That is convenience: it’s about people gaining cash in a safe and secure environment and doing that as quickly and efficiently as possible.”

Mr Martin said ATM providers would need to look at the value of wavering or discounting the cost of making a withdrawal if advertising was used.

US company Free ATMs NYC rolled out the concept late last year and millions of users have jumped on board making the most of fee-free withdrawals by simply watching commercials which run for up to 30 thseconds.

In Australia, consumers are often hit with fees starting from $2 for withdrawing cash from an ATM if they use a machine that is not linked with their own bank.

Australian Bankers’ Association chief executive officer Stephen Munchenberg said the concept could be welcomed by non-bank deployers.

“It might be attractive to the non-bank deployers who control more than half the ATMs in Australia,” he said.