Remember the good ol' days when visiting the local ATM didn't come with a price tag? When the convenience of cash withdrawal was simply that—a convenience?

Well, brace yourselves. These days, a simple visit to the ATM could leave you lighter in the pocket than you'd expected. And it's not the cash withdrawal we're talking about!

In 2017, a wave of relief washed over us as Australian banks declared they'd be scrapping cash-out fees for using another bank’s ATMs. The ATM landscape had begun to look like a consumer's dream: free and accessible.

Fast forward six years, and the lush landscape of fee-free withdrawals has become somewhat barren.

Nowadays, you are more likely to stumble upon an independent ATM provider showing no mercy with their hefty withdrawal costs.

There is a growing trend among banks to enter into agreements with third-party entities for their ATMs. Image by Peggy_Marco from pixabay

Associate Professor of Finance at the University of New South Wales, Mark Humphery-Jenner, said that these sly moves benefit banks, reducing their operational costs while simultaneously hitting consumers’ pockets.

'ATMx (owned by Armaguard) is now increasingly replacing ANZ machines. Unless your bank has a fee waiver agreement with ATMx, they will charge you $3 to withdraw your money.' cautioned the professor.

This is no trivial matter. Multiple withdrawals could quickly add up to a substantial loss for fixed-income or lower-income earners with tight budgets.

The professor suggested consumers could evade these fees by withdrawing money in person at bank branches.

But with local branches growing sparse, accessibility is becoming a real issue.

Now you might wonder, 'What other options do we have?' Well, there is still light at the end of the tunnel.

Macquarie Bank and ING are still championing the cause of fee-free withdrawals across all ATMs. Ample reason to consider that switch, perhaps?

With the surge of digital transactions, it seems plausible to question the longevity of ATMs.

Based on data from the Australian Prudential Regulation Authority, the number of ATMs in Australia has decreased by half between 2017 and 2022.

The pace at which ATMs will continue to decline is a subject of ongoing debate. Image by eduschadesoares from unsplash

A recent report by the Australian Banking Association reveals that an overwhelming 98.9 per cent of bank interactions in Australia over the past four years were conducted digitally.

As cash transactions and ATM machines continue to decline significantly, Associate Professor Christoph Breidbach from the University of Queensland's Business School predicts that fees for cash withdrawals may continue to rise for individuals who still prefer or require cash transactions.

Breidbach said, ‘It’s expensive for banks to run ATMs. Now we have a Covid and post-Covid society, which has supercharged a cashless society because people were afraid to touch cash. An increase in fees for ATM transactions is the logical consequence because there are fewer and fewer people using them, but the cost (to run them) is the same.’

John Hicks, an Economics Professor at Charles Sturt University, agreed with the notion that it is logical for banks to divest themselves of ATMs as they become less profitable.

Consequently, third-party entities will impose fees since they, too, require revenue generation.

Professor Mark Humphery-Jenner expressed a different perspective, indicating scepticism regarding the imminent disappearance of ATMs.

He said, ‘Banks sometimes claim that ATMs are unnecessary, but this is disingenuous. If cash were so disliked and ATMs so unnecessary, why do third parties think they can make a profit by running ATMs?’

Key Takeaways

• Banks offloading ATMs to third-party suppliers is having a negative impact on Australians with high withdrawal fees reinstated.
  
• Some Australian banks have signed agreements with currency management service provider Armaguard, effectively offloading a significant portion of their ATMs.
  
• The University of New South Wales Associate Professor of Finance, Mark Humphery-Jenner, warned that this trend impacts everyone and particularly harms those who make smaller withdrawals more often.
  
• Despite the trend of increasing ATM fees, several options are still available for customers seeking to avoid these fees, such as withdrawing at bank branches or switching to banks that waive ATM fees from all machines.

In a nutshell, banks will keep watching their dollars, and we, in turn, need to keep a vigilant eye on ours.

Are you concerned about the decreasing accessibility of fee-free ATMs and the potential financial impact on individuals, especially those with limited budgets? Do you believe that the shift towards a cashless society will lead to the complete disappearance of ATMs? Share your opinions; we’re all ears.

 

[g-d]

Remember the good ol' days when visiting the local ATM didn't come with a price tag? When the convenience of cash withdrawal was simply that—a convenience?

Well, brace yourselves. These days, a simple visit to the ATM could leave you lighter in the pocket than you'd expected. And it's not the cash withdrawal we're talking about!

In 2017, a wave of relief washed over us as Australian banks declared they'd be scrapping cash-out fees for using another bank’s ATMs. The ATM landscape had begun to look like a consumer's dream: free and accessible.

Fast forward six years, and the lush landscape of fee-free withdrawals has become somewhat barren.

Nowadays, you are more likely to stumble upon an independent ATM provider showing no mercy with their hefty withdrawal costs.

View attachment 24505

There is a growing trend among banks to enter into agreements with third-party entities for their ATMs. Image by Peggy_Marco from pixabay

Associate Professor of Finance at the University of New South Wales, Mark Humphery-Jenner, said that these sly moves benefit banks, reducing their operational costs while simultaneously hitting consumers’ pockets.

'ATMx (owned by Armaguard) is now increasingly replacing ANZ machines. Unless your bank has a fee waiver agreement with ATMx, they will charge you $3 to withdraw your money.' cautioned the professor.

This is no trivial matter. Multiple withdrawals could quickly add up to a substantial loss for fixed-income or lower-income earners with tight budgets.

The professor suggested consumers could evade these fees by withdrawing money in person at bank branches.

But with local branches growing sparse, accessibility is becoming a real issue.

Now you might wonder, 'What other options do we have?' Well, there is still light at the end of the tunnel.

Macquarie Bank and ING are still championing the cause of fee-free withdrawals across all ATMs. Ample reason to consider that switch, perhaps?

With the surge of digital transactions, it seems plausible to question the longevity of ATMs.

Based on data from the Australian Prudential Regulation Authority, the number of ATMs in Australia has decreased by half between 2017 and 2022.

View attachment 24506

The pace at which ATMs will continue to decline is a subject of ongoing debate. Image by eduschadesoares from unsplash

A recent report by the Australian Banking Association reveals that an overwhelming 98.9 per cent of bank interactions in Australia over the past four years were conducted digitally.

As cash transactions and ATM machines continue to decline significantly, Associate Professor Christoph Breidbach from the University of Queensland's Business School predicts that fees for cash withdrawals may continue to rise for individuals who still prefer or require cash transactions.

Breidbach said, ‘It’s expensive for banks to run ATMs. Now we have a Covid and post-Covid society, which has supercharged a cashless society because people were afraid to touch cash. An increase in fees for ATM transactions is the logical consequence because there are fewer and fewer people using them, but the cost (to run them) is the same.’

John Hicks, an Economics Professor at Charles Sturt University, agreed with the notion that it is logical for banks to divest themselves of ATMs as they become less profitable.

Consequently, third-party entities will impose fees since they, too, require revenue generation.

Professor Mark Humphery-Jenner expressed a different perspective, indicating scepticism regarding the imminent disappearance of ATMs.

He said, ‘Banks sometimes claim that ATMs are unnecessary, but this is disingenuous. If cash were so disliked and ATMs so unnecessary, why do third parties think they can make a profit by running ATMs?’

Key Takeaways

• Banks offloading ATMs to third-party suppliers is having a negative impact on Australians with high withdrawal fees reinstated.
• Some Australian banks have signed agreements with currency management service provider Armaguard, effectively offloading a significant portion of their ATMs.
• The University of New South Wales Associate Professor of Finance, Mark Humphery-Jenner, warned that this trend impacts everyone and particularly harms those who make smaller withdrawals more often.
• Despite the trend of increasing ATM fees, several options are still available for customers seeking to avoid these fees, such as withdrawing at bank branches or switching to banks that waive ATM fees from all machines.

In a nutshell, banks will keep watching their dollars, and we, in turn, need to keep a vigilant eye on ours.

Are you concerned about the decreasing accessibility of fee-free ATMs and the potential financial impact on individuals, especially those with limited budgets? Do you believe that the shift towards a cashless society will lead to the complete disappearance of ATMs? Share your opinions; we’re all ears.

 

[Tervueren]

Remember the good ol' days when visiting the local ATM didn't come with a price tag? When the convenience of cash withdrawal was simply that—a convenience?

Well, brace yourselves. These days, a simple visit to the ATM could leave you lighter in the pocket than you'd expected. And it's not the cash withdrawal we're talking about!

In 2017, a wave of relief washed over us as Australian banks declared they'd be scrapping cash-out fees for using another bank’s ATMs. The ATM landscape had begun to look like a consumer's dream: free and accessible.

Fast forward six years, and the lush landscape of fee-free withdrawals has become somewhat barren.

Nowadays, you are more likely to stumble upon an independent ATM provider showing no mercy with their hefty withdrawal costs.

View attachment 24505

There is a growing trend among banks to enter into agreements with third-party entities for their ATMs. Image by Peggy_Marco from pixabay

Associate Professor of Finance at the University of New South Wales, Mark Humphery-Jenner, said that these sly moves benefit banks, reducing their operational costs while simultaneously hitting consumers’ pockets.

'ATMx (owned by Armaguard) is now increasingly replacing ANZ machines. Unless your bank has a fee waiver agreement with ATMx, they will charge you $3 to withdraw your money.' cautioned the professor.

This is no trivial matter. Multiple withdrawals could quickly add up to a substantial loss for fixed-income or lower-income earners with tight budgets.

The professor suggested consumers could evade these fees by withdrawing money in person at bank branches.

But with local branches growing sparse, accessibility is becoming a real issue.

Now you might wonder, 'What other options do we have?' Well, there is still light at the end of the tunnel.

Macquarie Bank and ING are still championing the cause of fee-free withdrawals across all ATMs. Ample reason to consider that switch, perhaps?

With the surge of digital transactions, it seems plausible to question the longevity of ATMs.

Based on data from the Australian Prudential Regulation Authority, the number of ATMs in Australia has decreased by half between 2017 and 2022.

View attachment 24506

The pace at which ATMs will continue to decline is a subject of ongoing debate. Image by eduschadesoares from unsplash

A recent report by the Australian Banking Association reveals that an overwhelming 98.9 per cent of bank interactions in Australia over the past four years were conducted digitally.

As cash transactions and ATM machines continue to decline significantly, Associate Professor Christoph Breidbach from the University of Queensland's Business School predicts that fees for cash withdrawals may continue to rise for individuals who still prefer or require cash transactions.

Breidbach said, ‘It’s expensive for banks to run ATMs. Now we have a Covid and post-Covid society, which has supercharged a cashless society because people were afraid to touch cash. An increase in fees for ATM transactions is the logical consequence because there are fewer and fewer people using them, but the cost (to run them) is the same.’

John Hicks, an Economics Professor at Charles Sturt University, agreed with the notion that it is logical for banks to divest themselves of ATMs as they become less profitable.

Consequently, third-party entities will impose fees since they, too, require revenue generation.

Professor Mark Humphery-Jenner expressed a different perspective, indicating scepticism regarding the imminent disappearance of ATMs.

He said, ‘Banks sometimes claim that ATMs are unnecessary, but this is disingenuous. If cash were so disliked and ATMs so unnecessary, why do third parties think they can make a profit by running ATMs?’

Key Takeaways

• Banks offloading ATMs to third-party suppliers is having a negative impact on Australians with high withdrawal fees reinstated.
• Some Australian banks have signed agreements with currency management service provider Armaguard, effectively offloading a significant portion of their ATMs.
• The University of New South Wales Associate Professor of Finance, Mark Humphery-Jenner, warned that this trend impacts everyone and particularly harms those who make smaller withdrawals more often.
• Despite the trend of increasing ATM fees, several options are still available for customers seeking to avoid these fees, such as withdrawing at bank branches or switching to banks that waive ATM fees from all machines.

In a nutshell, banks will keep watching their dollars, and we, in turn, need to keep a vigilant eye on ours.

Are you concerned about the decreasing accessibility of fee-free ATMs and the potential financial impact on individuals, especially those with limited budgets? Do you believe that the shift towards a cashless society will lead to the complete disappearance of ATMs? Share your opinions; we’re all ears.

Cash is KING as far as I am concerned - start paying digitally and you will lose all of your privacy! Big Brother will know where you spend your money and know exactly when and what you are purchasing... and whatever happened to the little tips I enjoy slipping into the hands of super-efficient restaurant staff who go the extra mile to ensure that I have a wonderful time at the restaurant and do not want to tip the establishment, but just the Staff Member.... whatever will be next! I love CASH and the benefits that go with it, I do not want to pay extra to use the EFTPOS machine or pay extra when I fly with Qantas and want to book it up on my Debit Card or Visa Card.... maybe I am old-fashioned, but I would rather go to the Post Office to pay my bills in cash and withdraw my cash from the Supermarket to avoid fees just to keep my little world private and know that Big Brother does not have to know EVERYTHING and EVERYWHERE I spend my money.

 

[Tervueren]

You’re right! Our 2 local shop atms have disappeared & were replaced with a private ATM machine. Now if you want cash out after hours or on a Sunday, you are facing a $3 charge so have to make it worthwhile, withdrawing over $100. Admittedly you can get cash out with a purchase at the supermarket free but that doesn’t help after hours.
We certainly are heading for cashless society, we are monitored constantly via our transactions. Slowly our privacy is being eroded, supposedly for our own good.
The final book of the Bible gives a chilling account of big brother control.
We need to keep short accounts with our families and God as one way or another our time is short.

Patrick Ward. SA.

I agree with your Patrick, it is all becoming very scary, and seems it has been foretold in the Bible that this exact thing would happen... (

 

[g-d]

Too many ATM’s have been security risks to customers & banks. Every convenience we knew & know will be used & abused by the unscrupulous & greedy without care for their neighbour.

Society’s hasn’t remained firm in the bringing up of the next generation. Grandparents are afraid to discipline children & parents too tired working & following the “updated” methods to “discipline?” their children.

 

[Tervueren]

Too many ATM’s have been security risks to customers & banks. Every convenience we knew & know will be used & abused by the unscrupulous & greedy without care for their neighbour.

Society’s hasn’t remained firm in the bringing up of the next generation. Grandparents are afraid to discipline children & parents too tired working & following the “updated” methods to “discipline?” their children.

Hear Hear!

 

[Pommyoz]

Could shops refuse a hundred dollar note? It’s legal tended still. If we all did that EVERY time, shops would have to carry more cash to gives us change. We could also go to any shop, ask to change a larger note, then complaints to the banks could work.

 

[Subduedshilo]

Remember the good ol' days when visiting the local ATM didn't come with a price tag? When the convenience of cash withdrawal was simply that—a convenience?

Well, brace yourselves. These days, a simple visit to the ATM could leave you lighter in the pocket than you'd expected. And it's not the cash withdrawal we're talking about!

In 2017, a wave of relief washed over us as Australian banks declared they'd be scrapping cash-out fees for using another bank’s ATMs. The ATM landscape had begun to look like a consumer's dream: free and accessible.

Fast forward six years, and the lush landscape of fee-free withdrawals has become somewhat barren.

Nowadays, you are more likely to stumble upon an independent ATM provider showing no mercy with their hefty withdrawal costs.

View attachment 24505

There is a growing trend among banks to enter into agreements with third-party entities for their ATMs. Image by Peggy_Marco from pixabay

Associate Professor of Finance at the University of New South Wales, Mark Humphery-Jenner, said that these sly moves benefit banks, reducing their operational costs while simultaneously hitting consumers’ pockets.

'ATMx (owned by Armaguard) is now increasingly replacing ANZ machines. Unless your bank has a fee waiver agreement with ATMx, they will charge you $3 to withdraw your money.' cautioned the professor.

This is no trivial matter. Multiple withdrawals could quickly add up to a substantial loss for fixed-income or lower-income earners with tight budgets.

The professor suggested consumers could evade these fees by withdrawing money in person at bank branches.

But with local branches growing sparse, accessibility is becoming a real issue.

Now you might wonder, 'What other options do we have?' Well, there is still light at the end of the tunnel.

Macquarie Bank and ING are still championing the cause of fee-free withdrawals across all ATMs. Ample reason to consider that switch, perhaps?

With the surge of digital transactions, it seems plausible to question the longevity of ATMs.

Based on data from the Australian Prudential Regulation Authority, the number of ATMs in Australia has decreased by half between 2017 and 2022.

View attachment 24506

The pace at which ATMs will continue to decline is a subject of ongoing debate. Image by eduschadesoares from unsplash

A recent report by the Australian Banking Association reveals that an overwhelming 98.9 per cent of bank interactions in Australia over the past four years were conducted digitally.

As cash transactions and ATM machines continue to decline significantly, Associate Professor Christoph Breidbach from the University of Queensland's Business School predicts that fees for cash withdrawals may continue to rise for individuals who still prefer or require cash transactions.

Breidbach said, ‘It’s expensive for banks to run ATMs. Now we have a Covid and post-Covid society, which has supercharged a cashless society because people were afraid to touch cash. An increase in fees for ATM transactions is the logical consequence because there are fewer and fewer people using them, but the cost (to run them) is the same.’

John Hicks, an Economics Professor at Charles Sturt University, agreed with the notion that it is logical for banks to divest themselves of ATMs as they become less profitable.

Consequently, third-party entities will impose fees since they, too, require revenue generation.

Professor Mark Humphery-Jenner expressed a different perspective, indicating scepticism regarding the imminent disappearance of ATMs.

He said, ‘Banks sometimes claim that ATMs are unnecessary, but this is disingenuous. If cash were so disliked and ATMs so unnecessary, why do third parties think they can make a profit by running ATMs?’

Key Takeaways

• Banks offloading ATMs to third-party suppliers is having a negative impact on Australians with high withdrawal fees reinstated.
• Some Australian banks have signed agreements with currency management service provider Armaguard, effectively offloading a significant portion of their ATMs.
• The University of New South Wales Associate Professor of Finance, Mark Humphery-Jenner, warned that this trend impacts everyone and particularly harms those who make smaller withdrawals more often.
• Despite the trend of increasing ATM fees, several options are still available for customers seeking to avoid these fees, such as withdrawing at bank branches or switching to banks that waive ATM fees from all machines.

In a nutshell, banks will keep watching their dollars, and we, in turn, need to keep a vigilant eye on ours.

Are you concerned about the decreasing accessibility of fee-free ATMs and the potential financial impact on individuals, especially those with limited budgets? Do you believe that the shift towards a cashless society will lead to the complete disappearance of ATMs? Share your opinions; we’re all ears.

I would never touch any of the non bank owned ATMs as people have been known to withdraw counterfeit notes in the past

 

[Hostie]

Remember the good ol' days when visiting the local ATM didn't come with a price tag? When the convenience of cash withdrawal was simply that—a convenience?

Well, brace yourselves. These days, a simple visit to the ATM could leave you lighter in the pocket than you'd expected. And it's not the cash withdrawal we're talking about!

In 2017, a wave of relief washed over us as Australian banks declared they'd be scrapping cash-out fees for using another bank’s ATMs. The ATM landscape had begun to look like a consumer's dream: free and accessible.

Fast forward six years, and the lush landscape of fee-free withdrawals has become somewhat barren.

Nowadays, you are more likely to stumble upon an independent ATM provider showing no mercy with their hefty withdrawal costs.

View attachment 24505

There is a growing trend among banks to enter into agreements with third-party entities for their ATMs. Image by Peggy_Marco from pixabay

Associate Professor of Finance at the University of New South Wales, Mark Humphery-Jenner, said that these sly moves benefit banks, reducing their operational costs while simultaneously hitting consumers’ pockets.

'ATMx (owned by Armaguard) is now increasingly replacing ANZ machines. Unless your bank has a fee waiver agreement with ATMx, they will charge you $3 to withdraw your money.' cautioned the professor.

This is no trivial matter. Multiple withdrawals could quickly add up to a substantial loss for fixed-income or lower-income earners with tight budgets.

The professor suggested consumers could evade these fees by withdrawing money in person at bank branches.

But with local branches growing sparse, accessibility is becoming a real issue.

Now you might wonder, 'What other options do we have?' Well, there is still light at the end of the tunnel.

Macquarie Bank and ING are still championing the cause of fee-free withdrawals across all ATMs. Ample reason to consider that switch, perhaps?

With the surge of digital transactions, it seems plausible to question the longevity of ATMs.

Based on data from the Australian Prudential Regulation Authority, the number of ATMs in Australia has decreased by half between 2017 and 2022.

View attachment 24506

The pace at which ATMs will continue to decline is a subject of ongoing debate. Image by eduschadesoares from unsplash

A recent report by the Australian Banking Association reveals that an overwhelming 98.9 per cent of bank interactions in Australia over the past four years were conducted digitally.

As cash transactions and ATM machines continue to decline significantly, Associate Professor Christoph Breidbach from the University of Queensland's Business School predicts that fees for cash withdrawals may continue to rise for individuals who still prefer or require cash transactions.

Breidbach said, ‘It’s expensive for banks to run ATMs. Now we have a Covid and post-Covid society, which has supercharged a cashless society because people were afraid to touch cash. An increase in fees for ATM transactions is the logical consequence because there are fewer and fewer people using them, but the cost (to run them) is the same.’

John Hicks, an Economics Professor at Charles Sturt University, agreed with the notion that it is logical for banks to divest themselves of ATMs as they become less profitable.

Consequently, third-party entities will impose fees since they, too, require revenue generation.

Professor Mark Humphery-Jenner expressed a different perspective, indicating scepticism regarding the imminent disappearance of ATMs.

He said, ‘Banks sometimes claim that ATMs are unnecessary, but this is disingenuous. If cash were so disliked and ATMs so unnecessary, why do third parties think they can make a profit by running ATMs?’

Key Takeaways

• Banks offloading ATMs to third-party suppliers is having a negative impact on Australians with high withdrawal fees reinstated.
• Some Australian banks have signed agreements with currency management service provider Armaguard, effectively offloading a significant portion of their ATMs.
• The University of New South Wales Associate Professor of Finance, Mark Humphery-Jenner, warned that this trend impacts everyone and particularly harms those who make smaller withdrawals more often.
• Despite the trend of increasing ATM fees, several options are still available for customers seeking to avoid these fees, such as withdrawing at bank branches or switching to banks that waive ATM fees from all machines.

In a nutshell, banks will keep watching their dollars, and we, in turn, need to keep a vigilant eye on ours.

Are you concerned about the decreasing accessibility of fee-free ATMs and the potential financial impact on individuals, especially those with limited budgets? Do you believe that the shift towards a cashless society will lead to the complete disappearance of ATMs? Share your opinions; we’re all ears.

I'm getting more and more angered by this situation of being forced into a cashless society especially when more and more small businesses are charging extra if you use a card.

 

[g-d]

I agree with your Patrick, it is all becoming very scary, and seems it has been foretold in the Bible that this exact thing would happen... (

 

[Ann Head]

We are being charged for access to our own money . Scammers are having a great time getting deposits and asking for Pay ID -one of the worst things banks have ever invented. Market stalls , garage sales will be closed down unless everyone gets the bank transfer on their phone. How the elderly ,illiterate and small business are supposed to manage is a mystery . Not everyone has a smart phone or computer. The whole thing stinks of corporate greed.

 

[Tygie]

Remember the good ol' days when visiting the local ATM didn't come with a price tag? When the convenience of cash withdrawal was simply that—a convenience?

Well, brace yourselves. These days, a simple visit to the ATM could leave you lighter in the pocket than you'd expected. And it's not the cash withdrawal we're talking about!

In 2017, a wave of relief washed over us as Australian banks declared they'd be scrapping cash-out fees for using another bank’s ATMs. The ATM landscape had begun to look like a consumer's dream: free and accessible.

Fast forward six years, and the lush landscape of fee-free withdrawals has become somewhat barren.

Nowadays, you are more likely to stumble upon an independent ATM provider showing no mercy with their hefty withdrawal costs.

View attachment 24505

There is a growing trend among banks to enter into agreements with third-party entities for their ATMs. Image by Peggy_Marco from pixabay

Associate Professor of Finance at the University of New South Wales, Mark Humphery-Jenner, said that these sly moves benefit banks, reducing their operational costs while simultaneously hitting consumers’ pockets.

'ATMx (owned by Armaguard) is now increasingly replacing ANZ machines. Unless your bank has a fee waiver agreement with ATMx, they will charge you $3 to withdraw your money.' cautioned the professor.

This is no trivial matter. Multiple withdrawals could quickly add up to a substantial loss for fixed-income or lower-income earners with tight budgets.

The professor suggested consumers could evade these fees by withdrawing money in person at bank branches.

But with local branches growing sparse, accessibility is becoming a real issue.

Now you might wonder, 'What other options do we have?' Well, there is still light at the end of the tunnel.

Macquarie Bank and ING are still championing the cause of fee-free withdrawals across all ATMs. Ample reason to consider that switch, perhaps?

With the surge of digital transactions, it seems plausible to question the longevity of ATMs.

Based on data from the Australian Prudential Regulation Authority, the number of ATMs in Australia has decreased by half between 2017 and 2022.

View attachment 24506

The pace at which ATMs will continue to decline is a subject of ongoing debate. Image by eduschadesoares from unsplash

A recent report by the Australian Banking Association reveals that an overwhelming 98.9 per cent of bank interactions in Australia over the past four years were conducted digitally.

As cash transactions and ATM machines continue to decline significantly, Associate Professor Christoph Breidbach from the University of Queensland's Business School predicts that fees for cash withdrawals may continue to rise for individuals who still prefer or require cash transactions.

Breidbach said, ‘It’s expensive for banks to run ATMs. Now we have a Covid and post-Covid society, which has supercharged a cashless society because people were afraid to touch cash. An increase in fees for ATM transactions is the logical consequence because there are fewer and fewer people using them, but the cost (to run them) is the same.’

John Hicks, an Economics Professor at Charles Sturt University, agreed with the notion that it is logical for banks to divest themselves of ATMs as they become less profitable.

Consequently, third-party entities will impose fees since they, too, require revenue generation.

Professor Mark Humphery-Jenner expressed a different perspective, indicating scepticism regarding the imminent disappearance of ATMs.

He said, ‘Banks sometimes claim that ATMs are unnecessary, but this is disingenuous. If cash were so disliked and ATMs so unnecessary, why do third parties think they can make a profit by running ATMs?’

Key Takeaways

• Banks offloading ATMs to third-party suppliers is having a negative impact on Australians with high withdrawal fees reinstated.
• Some Australian banks have signed agreements with currency management service provider Armaguard, effectively offloading a significant portion of their ATMs.
• The University of New South Wales Associate Professor of Finance, Mark Humphery-Jenner, warned that this trend impacts everyone and particularly harms those who make smaller withdrawals more often.
• Despite the trend of increasing ATM fees, several options are still available for customers seeking to avoid these fees, such as withdrawing at bank branches or switching to banks that waive ATM fees from all machines.

In a nutshell, banks will keep watching their dollars, and we, in turn, need to keep a vigilant eye on ours.

Are you concerned about the decreasing accessibility of fee-free ATMs and the potential financial impact on individuals, especially those with limited budgets? Do you believe that the shift towards a cashless society will lead to the complete disappearance of ATMs? Share your opinions; we’re all ears.

If the banks didn't take branches and ATM's away then blood sucking fee mongers wouldn't put in ATM's to cash in on it all.

 

[doug.wood1]

Remember the good ol' days when visiting the local ATM didn't come with a price tag? When the convenience of cash withdrawal was simply that—a convenience?

Well, brace yourselves. These days, a simple visit to the ATM could leave you lighter in the pocket than you'd expected. And it's not the cash withdrawal we're talking about!

In 2017, a wave of relief washed over us as Australian banks declared they'd be scrapping cash-out fees for using another bank’s ATMs. The ATM landscape had begun to look like a consumer's dream: free and accessible.

Fast forward six years, and the lush landscape of fee-free withdrawals has become somewhat barren.

Nowadays, you are more likely to stumble upon an independent ATM provider showing no mercy with their hefty withdrawal costs.

View attachment 24505

There is a growing trend among banks to enter into agreements with third-party entities for their ATMs. Image by Peggy_Marco from pixabay

Associate Professor of Finance at the University of New South Wales, Mark Humphery-Jenner, said that these sly moves benefit banks, reducing their operational costs while simultaneously hitting consumers’ pockets.

'ATMx (owned by Armaguard) is now increasingly replacing ANZ machines. Unless your bank has a fee waiver agreement with ATMx, they will charge you $3 to withdraw your money.' cautioned the professor.

This is no trivial matter. Multiple withdrawals could quickly add up to a substantial loss for fixed-income or lower-income earners with tight budgets.

The professor suggested consumers could evade these fees by withdrawing money in person at bank branches.

But with local branches growing sparse, accessibility is becoming a real issue.

Now you might wonder, 'What other options do we have?' Well, there is still light at the end of the tunnel.

Macquarie Bank and ING are still championing the cause of fee-free withdrawals across all ATMs. Ample reason to consider that switch, perhaps?

With the surge of digital transactions, it seems plausible to question the longevity of ATMs.

Based on data from the Australian Prudential Regulation Authority, the number of ATMs in Australia has decreased by half between 2017 and 2022.

View attachment 24506

The pace at which ATMs will continue to decline is a subject of ongoing debate. Image by eduschadesoares from unsplash

A recent report by the Australian Banking Association reveals that an overwhelming 98.9 per cent of bank interactions in Australia over the past four years were conducted digitally.

As cash transactions and ATM machines continue to decline significantly, Associate Professor Christoph Breidbach from the University of Queensland's Business School predicts that fees for cash withdrawals may continue to rise for individuals who still prefer or require cash transactions.

Breidbach said, ‘It’s expensive for banks to run ATMs. Now we have a Covid and post-Covid society, which has supercharged a cashless society because people were afraid to touch cash. An increase in fees for ATM transactions is the logical consequence because there are fewer and fewer people using them, but the cost (to run them) is the same.’

John Hicks, an Economics Professor at Charles Sturt University, agreed with the notion that it is logical for banks to divest themselves of ATMs as they become less profitable.

Consequently, third-party entities will impose fees since they, too, require revenue generation.

Professor Mark Humphery-Jenner expressed a different perspective, indicating scepticism regarding the imminent disappearance of ATMs.

He said, ‘Banks sometimes claim that ATMs are unnecessary, but this is disingenuous. If cash were so disliked and ATMs so unnecessary, why do third parties think they can make a profit by running ATMs?’

Key Takeaways

• Banks offloading ATMs to third-party suppliers is having a negative impact on Australians with high withdrawal fees reinstated.
• Some Australian banks have signed agreements with currency management service provider Armaguard, effectively offloading a significant portion of their ATMs.
• The University of New South Wales Associate Professor of Finance, Mark Humphery-Jenner, warned that this trend impacts everyone and particularly harms those who make smaller withdrawals more often.
• Despite the trend of increasing ATM fees, several options are still available for customers seeking to avoid these fees, such as withdrawing at bank branches or switching to banks that waive ATM fees from all machines.

In a nutshell, banks will keep watching their dollars, and we, in turn, need to keep a vigilant eye on ours.

Are you concerned about the decreasing accessibility of fee-free ATMs and the potential financial impact on individuals, especially those with limited budgets? Do you believe that the shift towards a cashless society will lead to the complete disappearance of ATMs? Share your opinions; we’re all ears.

The banks must have known years ago that this is how it would go . They told us that it was cheaper and better for us to use ATM's . So their was less service provided by them which increased their profits . They started to close branches , particularly in country towns , leaving people in bad situations either withdrawing money or businesses wanting to deposit takings . It was good for the public when we were paid in cash, because the banks actually had to lure us to deposit our wages , with better interest rates and better deals on loans , etc . NOW , they can more or less just tell us 'take it or leave it' and offer no service , because there really is very little difference between the big 4 , and most of the smaller banks are subsiduaries of the big 4 . What a lousy choice .

 

[DrivingGirl]

I call my partner a 'fossil' for insisting on paying cash for a lot of his purchases although I am 7 years older than he is.

Ever since the pandemic, I have used card for all my purchases, choosing EFTPOS transactions in stores that charge for credit card transactions, such as Aldi.

I have a few dollars in my purse, from an ATM withdrawal back around Easter, that will most likely still be there this time next year.

Me too !

 

[Ozzy_ian]

I remember when the banks first started the ATM machines they were brought in to save the extra staff so the banks could save the money now that they are every where they want to save again & make more of their millions profits once again.
we get cheated as much as they possibly can & they dont have any loyalty like they used to before
Ian

 

[joshram]

You can always get cash out at supermarkets at no extra charge

Until they too start charging.

 

[Alicat09]

You can always get cash out at supermarkets at no extra charge

That is true, however, I always leave my groceries until last so I don't have food needing a refrigerator or freezer sitting in my car for two hours.

 

[Ezzy]

The question was asked, 'Can the Govt. make us go cashless. Is the Govt. causing this situation or is it the banks? The banks are l would suggest by closing branches making cash harder to obtain.

Why should banks charge customers a fee @ ATMs when they are always wagging their tail feathers when talking about their big profits?

Enough is enough! We receive the barest minimum interest on our monies banked with them & then they charge high interest rates for home & personal loans. All this money being loaned of course is our savings deposited with them. Same old story, 'As the rich get richer the poor get poorer.'

I think we are all being treated like mushrooms, 'keep them in the dark & feed them on b.s.'

 

[PDG]

Not sure where those figures come from, but locally here in west Gosford in 2017 as far as I remember we had an actual Commonwealth branch with an ATM, and another major bank ATM, now the bank has gone, along with their ATM and the other ATM has gone all we have now is one of those ATM's that charge you.

 

[Carol]

Banks should be responsible for all costs associated with ATM's. After all they don't have to pay tellers any more do they?

 

[kevinwoodtufftyke52@gmail]

Remember the good ol' days when visiting the local ATM didn't come with a price tag? When the convenience of cash withdrawal was simply that—a convenience?

Well, brace yourselves. These days, a simple visit to the ATM could leave you lighter in the pocket than you'd expected. And it's not the cash withdrawal we're talking about!

In 2017, a wave of relief washed over us as Australian banks declared they'd be scrapping cash-out fees for using another bank’s ATMs. The ATM landscape had begun to look like a consumer's dream: free and accessible.

Fast forward six years, and the lush landscape of fee-free withdrawals has become somewhat barren.

Nowadays, you are more likely to stumble upon an independent ATM provider showing no mercy with their hefty withdrawal costs.

View attachment 24505

There is a growing trend among banks to enter into agreements with third-party entities for their ATMs. Image by Peggy_Marco from pixabay

Associate Professor of Finance at the University of New South Wales, Mark Humphery-Jenner, said that these sly moves benefit banks, reducing their operational costs while simultaneously hitting consumers’ pockets.

'ATMx (owned by Armaguard) is now increasingly replacing ANZ machines. Unless your bank has a fee waiver agreement with ATMx, they will charge you $3 to withdraw your money.' cautioned the professor.

This is no trivial matter. Multiple withdrawals could quickly add up to a substantial loss for fixed-income or lower-income earners with tight budgets.

The professor suggested consumers could evade these fees by withdrawing money in person at bank branches.

But with local branches growing sparse, accessibility is becoming a real issue.

Now you might wonder, 'What other options do we have?' Well, there is still light at the end of the tunnel.

Macquarie Bank and ING are still championing the cause of fee-free withdrawals across all ATMs. Ample reason to consider that switch, perhaps?

With the surge of digital transactions, it seems plausible to question the longevity of ATMs.

Based on data from the Australian Prudential Regulation Authority, the number of ATMs in Australia has decreased by half between 2017 and 2022.

View attachment 24506

The pace at which ATMs will continue to decline is a subject of ongoing debate. Image by eduschadesoares from unsplash

A recent report by the Australian Banking Association reveals that an overwhelming 98.9 per cent of bank interactions in Australia over the past four years were conducted digitally.

As cash transactions and ATM machines continue to decline significantly, Associate Professor Christoph Breidbach from the University of Queensland's Business School predicts that fees for cash withdrawals may continue to rise for individuals who still prefer or require cash transactions.

Breidbach said, ‘It’s expensive for banks to run ATMs. Now we have a Covid and post-Covid society, which has supercharged a cashless society because people were afraid to touch cash. An increase in fees for ATM transactions is the logical consequence because there are fewer and fewer people using them, but the cost (to run them) is the same.’

John Hicks, an Economics Professor at Charles Sturt University, agreed with the notion that it is logical for banks to divest themselves of ATMs as they become less profitable.

Consequently, third-party entities will impose fees since they, too, require revenue generation.

Professor Mark Humphery-Jenner expressed a different perspective, indicating scepticism regarding the imminent disappearance of ATMs.

He said, ‘Banks sometimes claim that ATMs are unnecessary, but this is disingenuous. If cash were so disliked and ATMs so unnecessary, why do third parties think they can make a profit by running ATMs?’

Key Takeaways

• Banks offloading ATMs to third-party suppliers is having a negative impact on Australians with high withdrawal fees reinstated.
• Some Australian banks have signed agreements with currency management service provider Armaguard, effectively offloading a significant portion of their ATMs.
• The University of New South Wales Associate Professor of Finance, Mark Humphery-Jenner, warned that this trend impacts everyone and particularly harms those who make smaller withdrawals more often.
• Despite the trend of increasing ATM fees, several options are still available for customers seeking to avoid these fees, such as withdrawing at bank branches or switching to banks that waive ATM fees from all machines.

In a nutshell, banks will keep watching their dollars, and we, in turn, need to keep a vigilant eye on ours.

Are you concerned about the decreasing accessibility of fee-free ATMs and the potential financial impact on individuals, especially those with limited budgets? Do you believe that the shift towards a cashless society will lead to the complete disappearance of ATMs? Share your opinions; we’re all ears.

There are NO fees when using cash as opposed to a cashless scenario.