New Zealand's biggest bank is to stop charging customers for using other banks' ATMs.
The announcement from ANZ NZ comes about six months after the Australian parents of NZ's big four banks made the same move. At that time ANZ NZ maintained the cost and revenue structure of ATMs in Australia was different to NZ.
However, on Monday ANZ said it was removing the non-ANZ ATM fee it charges customers for using another bank’s ATM in NZ.
"ANZ New Zealand customers don’t pay any ATM fees to use an ANZ ATM, but they are charged a $1 fee for using another bank’s ATM. Most other banks have a similar fee," Antonia Watson, ANZ NZ's managing director of retail and business banking, said.
“In recent times we’ve been getting more and more feedback from our customers that they don’t think this type of fee is fair because even though they’re using another bank’s ATM they’re still accessing their money,” Watson said.
“We’ve decided to respond to that feedback and will absorb the cost of those transactions levied to us by other banks. Banking is a competitive business and we want to ensure customers continue to choose us because they know we’re committed to doing the right thing by them.”
The changes will take effect from March 26, with ANZ NZ saying they will remove fees from nearly eight million transactions a year.
ANZ NZ additionally says it'll progressively remove, reduce or simplify a series of other fees and charges throughout the year. However, the bank's press release doesn't detail which ones.
Pushed for more information, an ANZ NZ spokesman told interest.co.nz; "Along with this the ATM fee, we recently announced we would reduce application and top-up fees for ANZ personal loans, withdrawal fees for ANZ Serious Saver customers and replacement card fees for Visa Debit and Eftpos cards. There will be more to come, but I can’t give details at this stage sorry."
14 Comments
I have had accounts at ANZ and at ASB for over a decade with the latter generally being a slightly better service. This proposal may change my mind - a win win for the customer.
Fees and charges hardly apply to my banking but anything that makes them simpler to understand will be welcome.
Westpac has made the same move;
Westpac NZ cuts ATM fees for its customers
Westpac NZ is removing fees for its customers when they use automatic teller machines (ATMs) in New Zealand owned by other major New Zealand banks. The fee, which banks charge each other, will be absorbed by Westpac on its customers' behalf.
Westpac NZ general manager of consumer banking and wealth, Simon Power, said the bank continued to listen to feedback from its customers.
"We want to give customers the freedom to use our competitors' ATMs without worrying about what sort of fee they might be charged. "
We're always looking for ways to better meet the needs of our customers and to help them to grow financially. For example, we removed or reduced 11 banking fees last year, and we think this one will help make a difference as well."
The changes will come into effect on 1 April 2018.
the other two must follow shortly.
it makes sense then they can reduce the number of ATMs side by side in shopping malls and lower their costs.
my shopping centre has all four within 100 metres of each other, two to three could pull theirs out and leave one to service all
I'd be interested to know the level of ATM usage today compared to 10 years ago. I know we rarely use ATMs these days. Cash is rarely required and anything else you can do with an ATM can be done on a phone. I predict that we'll see ATM numbers drop over the next X years.
The current fees are probably to high but otherwise why can't they charge a fee? They have to stock and service the machines, fine for their customers but why free for someone else's? I have travelled to around 30 countries and many have private atms with fees much higher. A relative has a company in Australia providing private atm services and is raking it in. Watch this space, all this bleating will result in the banks getting out of atms and leaving it to third parties, then watch the fee levels and service problems. That will suit the banks just fine.
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