The decision of ANZ Bank to remove the $1 fee that it charges customers for using another bank’s ATM follows a call from Consumer New Zealand to all banks to remove these charges.
Last year, Consumer New Zealand called on ANZ, ASB, BNZ, Kiwibank, The Cooperative Bank and Westpac to remove the fees.
ANZ chief executive David Hisco decided to investigate the matter.
The Bank found that people regarded the fee as unfair because even though they were using another bank’s ATM, they were still accessing their own money.
The fee kicks in when a consumer uses a competing bank’s ATM.
ANZ estimates it does eight million such transactions annually.
The Bank has announced that it would remove the fee from March 26, 2018.
It is also reducing or simplifying other fees and charges this year.
Consumer New Zealand Chief Executive Sue Chetwin said this was a great outcome following the concerns it raised.
ANZ is the biggest bank in New Zealand.
She hoped the other banks would follow its lead.
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ATM Image Courtesy: University of Canterbury
