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Greens push to cut $2+ ATM fees now excessive credit card surcharges dead

Media Release
Adam Bandt 2 Sep 2016

Following the death of excessive credit card surcharges from today onwards, Greens MP Adam Bandt today said the Greens will push to cut excessive ATM fees as well. Under the last Parliament the Greens moved amendments to the Competition and Consumer Amendment (Payment Surcharges) Bill 2015 to extend its measures that have brought an end to excessive credit card fees to also cover ATM fees, however both Labor and the Liberals voted them down. “Today marks the death of high credit card surcharges, but it should be marking the end of ATM fees of $2 or more as well,” Mr Bandt said.

“When you go to the bank to access your own money, the banks can gouge you with fees of $2 or higher, yet it costs them far less to process an ATM transaction.” “Banks are making up to $600 million a year from ATM fees and much of that is going straight to their bottom line.” “If businesses are now not allowed to make a profit off the cost of people using a card, neither should banks.” “It is disappointing that Labor and the government stopped the Greens’ attempt to make it cheaper for people to access their own money under the last Parliament.” “People shouldn’t pay for the privilege of accessing their own money. The Greens will push in this Parliament to cut excessive ATM fees and hope that Labor and the Liberals get on board.” Media contact: Adam Pulford, 0429 109 054

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