25-Sep-2017 • Corporate

In response to the announcement by the big four banks to abolish ATM fees, a ME spokesperson today said:

“The big four banks’ belated decision to effectively abolish one of Australian’s most hated fees – ATM withdrawal fees – when smaller banks like ME abolished them for their own customers years ago, says everything about the lack of competition in banking in Australia.

“In a joint submission to the Productivity Commission last Friday, ME and three regional banks argued that regulatory settings since before the GFC but particularly after, have allowed Australia’s big four banks to significantly grow their market share despite demonstrable flaws in consumer outcomes.

“Being classified as ‘too big to fail’ and enjoying more favourable risk weight settings is making it difficult for smaller banks to compete and reducing customer choice.

“In a truly competitive environment where players are on an equal footing, the success of individual banks depends entirely on the extent to which they service customers.

“The decision by the big four to abolish ATM fees is more about managing ongoing issues and maintaining competitive neutrality within the group of four, than it is a response to the continued competitive activities of the regional and other smaller banks.

“Restoring competitive neutrality is the best way to ensure consumer outcomes are made the long-term priority for all Australia’s banks.”


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