Amidst growing concerns of customer complaints regarding the $2 ATM withdrawal fee for withdrawing from other banks, Commonwealth on Sunday decided to scrap the fees and make it free for its customers to withdraw money from any national ATM they wished to. The other three big banks of Australia, ANZ, Westpac, and NAB followed suit. The banks have been receiving high praises from its customers via popularity and social media.
Treasurer Scott Morrison praised the banks and said the government was putting pressure on them to put their customers first.
"Australians are sick and tired of all of these fees that mount up," he told reporters in Sydney.
"So when banks respond in this way, I am happy to give them a pat on the back when they do the right thing."
Reserve Bank of Australia data shows Australians made more than 250 million ATM withdrawals from banks other than their own last year.
Group Executive of Retail Banking Services at the Commonwealth Bank Matt Comyn said the decision was designed to increase convenience and help consumers save.
"We think this change will benefit many Australians and hopefully demonstrate our willingness to listen and act on customer feedback," he said in a statement.
The fee will still apply to withdrawals being made in foreign nations.