Australia’s biggest banks will stop charging customers of other banks a $2 fee to withdraw cash from their ATMs, attracting both praise and renewed calls for a royal commission into banking.
The Commonwealth Bank was the first to abolish the fee early on Sunday, citing ongoing consumer unhappiness with it as the reason for the decision. ANZ, Westpac and NAB followed suit on Sunday afternoon.
Treasurer Scott Morrison praised the banks and said the government was putting pressure on them to put their customers first.
“Australians are sick and tired of all of these fees that mount up,” he told reporters in Sydney.
"So when banks respond in this way, I am happy to give them a pat on the back when they do the right thing."
Reserve Bank of Australia data shows Australians made more than 250 million ATM withdrawals from banks other than their own last year.