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Banks consolidate and align ATMs

Banks consolidate and align ATMs

(27 February 2009 – Australia) With the ATM reforms soon coming into implementation, banks in Australia are reaching agreements with other providers to ensure a large network of fee-free ATMs for their customers. With ATM direct charging to be implemented on the 3rd of March 2009, banks in Australia have reached numerous agreements for the benefit of their customers.

Citibank has entered into a partnership with Westpac to provide its customers with access to more than 1,700 fee free Westpac-branded ATMs Australia wide.

Citibank has announced that it will also not charge its customers additional fees for withdrawing money from ‘other bank’ ATMs after March 3.

In fact, Westpac has also reportedly come to agreements for ATM sharing with many other providers, including HSBC, Members Equity, GE and many others. Westpac already has fee-free ATM sharing with recently acquired St George.

After the acquisition of BankWest, CBA now has confirmed a reciprocal arrangement which means that there will be no charge for CBA users of BankWest ATMs and vice versa. This adds a further 700 ATMs to the CBA network, which will now exceed 4000.

This means, however, that previous agreements that BankWest had with Westpac, Bank of Queensland and Bank of South Australia are not valid from 1 March onwards.

CBA also said that they would not charge their customers a foreign ATM fee, unlike the rest of the Big Four.
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