CBA, ANZ axe ATM fees for withdrawals

The move follows a string of scandals for the bank including its newly offloaded life insurance which was revealed to put profit before sick and dying people

CBA reportedly scrapping ATM fees

The move will no doubt be a victor for those trying to avoid pesky $2 or more bank charges, and Reserve Bank figures show that it certainly all adds up - last financial year alone, more than 250 million withdrawals were made by non-customers across Australian banks, meaning that about $500 million was withdrawn because of an additional fee.

CBA's group executive of retail banking services Matt Comyn said ATM fees had always been "unpopular" and consumers were fed up with been stung.

By Sunday afternoon, Westpac decided it would do the same, saying withdrawal fees would be scrapped from its 2,925 ATMs, including St.George, Bank of Melbourne and BankSA ATMs.

ANZ was quick to follow suit, and Westpac is reportedly doing the same.

ANZ Group Executive Fred Ohlsson said the fee would be dropped on its more than 2300 machines from early October.

"We want all Australians, whether they are Westpac Group customers or not, to benefit from one of Australia's largest ATM networks", Westpac Group Executive George Frazis said in a statement.

There are 50 million cash machine withdrawals a day around Australia.

"We understand that the "foreign ATM" fee has been deeply unpopular with consumers".

Consumer group Choice's spokesman Tom Godfrey said the decision could trigger the death of the ATM fee.

It's not often these days that Treasurer Scott Morrison has a good word for Australia's big banks.

Reserve Bank of Australia data shows Australians made more than 250 million ATM withdrawals from banks other than their own previous year.

Research by other lenders has found cash machine charges are the most loathed of all bank fees.

A federal court action was launched in August by the The Australian Transaction Reports and Analysis Centre (AUSTRAC) alleging the bank has breached Australia's anti-money laundering laws.

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