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‘Lazy tax’ or confusion: Why are we still paying ATM fees?
Despite fees for using foreign ATMs being mostly a thing of the past, a whopping six in 10 Aussies still think the use of a competing bank’s ATM will set them back.
‘Lazy tax’ or confusion: Why are we still paying ATM fees?
Despite fees for using foreign ATMs being mostly a thing of the past, a whopping six in 10 Aussies still think the use of a competing bank’s ATM will set them back.
Comparison website Finder has undertaken a survey that revealed the equivalent of 11.6 million Australians are unaware that the big four banks don’t charge ATM fees, and haven’t done so since 2017.
According to personal finance expert Kate Browne, confusion is still prevalent among Australians when it comes to ATM fees – and it’s costing us money.
She said, “Aussies who aren’t across the fee changes risk paying more than they have to when withdrawing cash.”
Noting that “even just a couple of withdrawals per month can set you back $48 dollars per year in fees”, Ms Browne questioned: “Why pay for a service that you could be getting for free?”
In addition, Finder’s survey found that 52 per cent of Australians think they’ve been charged an ATM fee over the past 12 months.
Based on a fee of $2, the comparison site has “conservatively” estimated that Australians have collectively wasted $43 million on withdrawal fees in the last 12 months alone.
According to Ms Browne, the onus is on customers to seek out fee-free ATMs if they want to avoid paying a “lazy tax”.
Commenting how “all ATMs will notify you of potential charges before you withdraw”, the expert advised: “If you don’t want to cop the fee, walk away and withdraw elsewhere.”
She explained how each of the big four banks enable you to locate ATMs in your area through their website.
Typically, Finder said big four ATMs are usually “the easiest ATMs to find”.
If you are not with the big four, “make sure to use an ATM owned by your own bank or a partner institution to avoid withdrawal fees”.
“Otherwise, you can withdraw cash over the counter at petrol stations or supermarkets for free,” Ms Browne concluded.
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