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Privately owned ATMs stinging customers more than $100 to access their own money

3AW Breakfast
Article image for Privately owned ATMs stinging customers more than $100 to access their own money

Gone are the days we would moan about a $2.50 charge just for using an ATM, so imagine being slugged over $100 to access your own money!

As reported in The Herald Sun, customers are getting slugged with exorbitant fees and in some cases are paying more than $100 to use ATMs in places like airports, adult entertainment venues, casinos and bars.

Martin North, banking analyst from Digital Finance Analytics, told Kate and Craig it’s the privately owned ATMs which are seen by businesses as a way to make a bit more money.

“They are often focused on your convenience,” he said.

“There are some rules about disclosure of fees but not what the fees should be.

“And then, if you are using one of these machines with your credit card and you’re drawing out cash, you’ll be charged interest as well, and that will never be disclosed at the time of the transaction so if you add up all of those costs it can move into three figures.

“This is a big deal.”

Click PLAY below to hear the details

3AW Breakfast
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