Greens Treasury spokesperson Adam Bandt MP today said he was disappointed that Labor had joined with the Liberals to vote against a move by the Greens to cut excessive ATM fees. The Greens moved to extend the measures that will cut excessive credit card fees in the government’s Competition and Consumer Amendment (Payment Surcharges) Bill 2015 for excessive ATM fees as well.
“It is disappointing that Labor has again joined the government to stop the Greens from making it cheaper for people to access their own money,” Mr Bandt said.
“The Greens believe that people shouldn’t pay for the privilege of accessing their own money, yet it seems Labor thinks they should.”
“What the Parliament has come together to do for excessive credit card surcharges, they should do for ATM fees as well.”
“When you go to an ATM to access your own money, the banks can hit you with fees of $2 or more, when it only costs them about 77 cents to process the transaction.”
“Banks are making up to $600 million a year from ATM fees, with much of this going straight to their bottom lines.”
“If businesses are not allowed to make a profit off people using a card, neither should the banks.”
“The Greens will continue to fight for consumers by cutting excessive ATM fees.”
Crossbench Senators John Madigan and Ricky Muir joined the Greens in voting for the Greens’ amendments.