(16 May 2011 – Australia) Banks make more on transaction account fees than any other product according to the Reserve Bank of Australia (RBA).In fact Australians forked out a whopping A$53 million a month on fees. Almost 40 percent of all cash withdrawals in January were from foreign ATMs.
Basically Australians waste A$636 million a year in fees when withdrawing cash from other banks’ ATMs.
In 2009, banks earned a combined $1.64 billion from transaction account fee revenue, compared with $1.24 billion from home loans.
It is recommended consumers try to take out their money for the week in one go, or use Eftpos when offered to get cash out to save on fees.