The Minister for Financial Services & Regulation, Joe Hockey, today welcomed Westpac's announcement that it intends to disclose a fee warning for all non-Westpac customers that use its Automatic Teller Machines.
Currently, if a person uses an ATM, and they are not a customer of that bank, they are charged a fee. However, this fee is not disclosed at the ATM. Westpac ATMs will now carry this fee disclosure.
"Banking customers need accurate information so they can make informed decisions. Westpac's announcement today will help customers make those decisions," the Minister said.
"I now call on all other Australian banks to follow Westpac's lead.
"It is one thing being charged fees for using another bank's ATM. It is another being hit with a fee without knowing the amount and without knowing you are being charged in the first place.
"When it comes to ATM use, it is hard to shop around when you don't know what you are buying or how much it costs."
Giving customers accurate information with which to make informed choices, is a key part of the Government's philosophy of Consumer Sovereignty.
Last Friday the Minister called on all Australian banks to issue fee warnings to no-customers who used their ATMs.