(10 December 2009 – Australia) Two of Australia’s regional banks, Bendigo Bank and Suncorp Bank, hope to forge a new partnership that doubles ATM access for their customers.The proposal, which will give the banks customers access to almost 1600 machines across Australia, will allow customers to transact without incurring a direct charge fee at the competitors ATM’s.
The ATM sharing arrangement follows the Reserve Bank of Australia’s ATM Fee Reforms, which said banks should be able to forge partnerships to improve ATM services.
Suncorp Bank chief executive, David Foster, said the partnership doubles both bank’s ATM networks.
A more comprehensive network will make banking convenient for customers, while allowing them to avoid fees imposed by other banks for use of their machines, Mr Foster added.
Mr Foster also highlighted that the networks operated by the two banks are complementary, with Bendigo’s network weighted towards Victoria and regional centres while Suncorp is strong in Queensland, Sydney and other capital cities.
Mr Foster said the growth of both Bendigo and Suncorp’s customer service networks demonstrates a commitment by regional banks to provide better access to services for customers across Australia.
Bendigo and Adelaide Bank Managing Director, Mike Hirst, said the partnership made sense as both organisations had reputations for being customer-connected.
The completion of the deal is subject to regulatory and legal approvals and is expected to be completed by March 2010.