Proposed changes to the current ATM inter-bank fee structure were a step in the right direction for customers, the Parliamentary Secretary to the Treasurer, Senator Ian Campbell, said today.
"The Government welcomes the proposal because it should lead to increased competition and lower fees, however there is some way to go before the proposal is analysed and the extent of benefits identified," he said.
"I am sure customers would particularly welcome the plan to show the transaction fee on terminal screens before they complete the transaction. This will enable customers to be fully informed before they decide which ATM to use.
"This reform would allow customers to find the most convenient ATM with the lowest transaction fees and should put a strong competitive pressure on financial institutions to provide more ATMs at lower prices."
CANBERRA
4 March 03
Contact: Wayne Grant 02 6277 3955 or 0407 845280