New watchdog powers could lead to bank fee crackdown

[JohnK]

Re: Stevens slams banks over ATM fees

I did not realise judgement day was upon us so quickly. I tried withdrawing some money from my Citibank Readycredit account earlier today and gave up after CBA, Bank of Queensland and Suncorp all wanted $2.00 for the privilege to use their ATM? No thanks.

I will try using the Cashcard ATM in the hotel tonight and hope this does not charge a fee as well otherwise no cash withdrawal for me. I can see Amex getting a lot more transactions even with the MyRewards promotion well and truly over.

Still this fee in particular annoys me as well... thankfully Citibank have negotiated with Westpac to maintain completely fee free ATM transactions for their Citibank Plus product, and they still charge no foreign ATM fee themselves.

Do you know if this applies to Citibank Readycredit as well?

 

[Flashback]

Re: Stevens slams banks over ATM fees

I did not realise judgement day was upon us so quickly. I tried withdrawing some money from my Citibank Readycredit account earlier today and gave up after CBA, Bank of Queensland and Suncorp all wanted $2.00 for the privilege to use their ATM? No thanks.

I will try using the Cashcard ATM in the hotel tonight and hope this does not charge a fee as well otherwise no cash withdrawal for me. I can see Amex getting a lot more transactions even with the MyRewards promotion well and truly over.


Do you know if this applies to Citibank Readycredit as well?

Is there any way you could buy something, and then do a cash-out?

 

[Mal]

Yeah D-Day occured about 16-17 hours ago. $2 seems to be the going rate - at least that's what Cashcard charged a friend today. Tried to explain the changes and what they meant, but was kind of greeted with blank looks. Oh well.

 

[JohnK]

Re: Stevens slams banks over ATM fees

Is there any way you could buy something, and then do a cash-out?

I didn't think of that option. Is Woolworths or Coles likely to be charging the ATM fee? I was also looking for a sizeable withdrawal and I do not really want people at Woolworths or Coles noticing my spending patterns.

Yeah D-Day occured about 16-17 hours ago. $2 seems to be the going rate - at least that's what Cashcard charged a friend today.

So there goes my theory of using a Cashcard ATM. :-|

 

[Flashback]

Not sure if this was posted earlier, here's the official information on the changes.. Direct charging at ATMs - Australian Securities and Investments Commission

 

[JohnK]

Re: Stevens slams banks over ATM fees

Still this fee in particular annoys me as well... thankfully Citibank have negotiated with Westpac to maintain completely fee free ATM transactions for their Citibank Plus product, and they still charge no foreign ATM fee themselves.

I can confirm that no ATM fee was charged by Westpac using a Citibank Readycredit card to withdraw cash earlier today. I noticed that GE was also mentioned as part of the alliance.

So problem is solved, for now anyway, by using Westpac ATMs only for Citibank Readycredit and Wizard Mastercard cash withdrawals....

 

[StevePER]

Re: Stevens slams banks over ATM fees

Is there any way you could buy something, and then do a cash-out?

You generally don't have to buy anything to get cash out at Coles or Woolworths.