ANZ NZ drops other bank ATM fees

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Forums › Finance and wealth management › ANZ NZ drops other bank ATM fees

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#1960573 19-Feb-2018 20:21

Just watch the ANZ ATM's at places like the Bush Inn disappear.

They will only end up with "their own" branch ones, and not the ones that they have to pay the likes of Armourguard to replenish etc.

That is my prediction.

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JayADee

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#1960575 19-Feb-2018 20:24

JayADee: Does that mean if you are with ANZ you can use other ATMs without charge?

Anybody?

bmt

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#1960577 19-Feb-2018 20:27

That is literally what it says in the article. I'm really baffled that you aren't able to figure it out..

msukiwi

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#1960579 19-Feb-2018 20:30

bmt:

That is literally what it says in the article. I'm really baffled that you aren't able to figure it out..

BUT NOT until after March 26. (From what I read)

JayADee

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#1960582 19-Feb-2018 20:38

bmt:
That is literally what it says in the article. I'm really baffled that you aren't able to figure it out..

Because I wasn't sure if it meant people from another bank like ASB could use ANZ's for free or if an ANZ user could use the other banks, like ASBs for free.

Edit: plus it's been a long two weeks. And yes it does say 'ANZ and Westpac Banks have announced they will be removing the ATM fee they charge customers for using another bank's ATM in New Zealand, the company's announced today.'

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#1960607 19-Feb-2018 21:02

allan:

TSB have had that in place since forever.

Because they have next to none ATMs anywhere.

They offset the cost of running their own ATM with the cost of paying the other banks to use theirs.

Only problem is there is often more functionality with using your own banks ATM

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#1960612 19-Feb-2018 21:16

msukiwi:

Just watch the ANZ ATM's at places like the Bush Inn disappear.

They will only end up with "their own" branch ones, and not the ones that they have to pay the likes of Armourguard to replenish etc.

That is my prediction.

I agree. Watch the ATMs disappear from the small towns and unpopular locations.

If the interbank fees remain it won't be too bad - the remaining ATMs in those locations will see increased usage and the interbank fees will cover them. If they have scrapped the fees altogether then the remaining bank bears the cost of servicing all the users regardless of the bank and they will eventually find it uneconomical (e.g. constantly running out of cash and needing security firms to make more frequent topups)

Geektastic

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#1960613 19-Feb-2018 21:17

DarthKermit:

I like using cash. It's none of the government's business (or bank's) what I spend money on.

Thinking about that, I tried to work out what spending I could realistically replace with cash and the risk of robbery I would run by having to carry that much cash.

I could replace food shopping. Not to sure I care much if the bank or anyone else knows I went to the supermarket.

I suppose I could replace my company fuel card with cash for petrol but (a) I do not care who knows I bought petrol and (b) it would make the accounting harder.

That's fairly much it, really. Almost everything else is paid by direct debit or standing order so aside from odds and sods like coffee or meals out, cash really wouldn't improve my privacy very much.

sbiddle

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#1960621 19-Feb-2018 22:05

reven:

Zeon:

When will banks pull away from running their own ATM networks?

I would hate if they did that. In the US you get charged different fees for different machines, usually in high cash areas like bars and casinos the fees will be pretty high.

by the banks running them, they tend to either have a fixed "other bank fee", or no fee at all.

Most also operate on a revenue share model with the retailer.

ANglEAUT

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#1960640 19-Feb-2018 22:58

antoniosk: ... This fee really got up my nose.

Same with the ASB Netcode fee at full retail price.

Please keep this GZ community vibrant by contributing in a constructive & respectful manner.

ANglEAUT

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#1960643 19-Feb-2018 23:03

richms: I don;t understand why people expect the banks to operate these machines for free.

For the same reason"we" store our email with Google/Outlook.com or collect discount vouchers or buy 1 to get one 1/2 price. Or as stated before, because they make such huge profits.

Please keep this GZ community vibrant by contributing in a constructive & respectful manner.

networkn

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#1960756 20-Feb-2018 09:33

I actively despise ANZ but I have to applaud this action. I guess they will make up thier billions of dollars of profits by increasing fees elsewhere.

wellygary

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#1960759 20-Feb-2018 09:40

As expected they are all falling into line...

ASB this morning

http://www.scoop.co.nz/stories/BU1802/S00453/asb-removes-fees-for-customers-using-other-banks-atms.htm

michaelmurfy

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#1960762 20-Feb-2018 09:46

networkn:

I actively despise ANZ but I have to applaud this action. I guess they will make up thier billions of dollars of profits by increasing fees elsewhere.

Nope...

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networkn

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#1960765 20-Feb-2018 09:51

michaelmurfy:

networkn:

I actively despise ANZ but I have to applaud this action. I guess they will make up their billions of dollars of profits by increasing fees elsewhere.

Nope...

Well, time will tell. I consider ANZ one of, if not the most, predatory banks in terms of fees and penalties.

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