Banks waive ATM fees in Qld flood zones

MAJOR banks and credit unions will waive ATM fees for people who withdraw cash from a machine not belonging to their own financial institution in flood-affected parts of Queensland.

By InvestSMART · 15 Jan 2011

By InvestSMART ·
15 Jan 2011

Comments

MAJOR banks and credit unions will waive ATM fees for people who withdraw cash from a machine not belonging to their own financial institution in flood-affected parts of Queensland.

The move follows representations by Treasurer Wayne Swan and Assistant Treasurer Bill Shorten.

"We have been working closely with the banking sector, the Australia Bankers Association and credit unions and building societies to ensure people who have lost their homes and others affected by the floods won't have to worry about paying up to $2 to access their money if they cannot make it to their own bank's facilities at this difficult time," Mr Swan said.

The big four banks Commonwealth, Westpac, ANZ and NAB as well as the Bank of Queensland, Suncorp, Bendigo Bank and major credit unions have agreed to the moratorium, which starts within 24 hours. The moratorium will apply in Queensland's flood-affected postcodes for at least two weeks.

Mr Shorten said the measure, while relatively small in light of the devastation, would be welcomed.

Go to Google News, then click "Follow" button to add us.

Share this article and show your support

Frequently Asked Questions about this Article…

What is the ATM fee waiver for people affected by the Queensland floods?

Major banks and credit unions agreed to waive ATM fees for people withdrawing cash from machines that do not belong to their own financial institution in flood-affected parts of Queensland, so victims won't have to pay to access their money during the emergency.

Which banks and credit unions are waiving ATM fees in Queensland flood zones?

The agreement includes the big four banks (Commonwealth Bank, Westpac, ANZ and NAB) as well as the Bank of Queensland, Suncorp, Bendigo Bank and major credit unions, with coordination through the Australia Bankers Association and building societies.

Who announced the ATM fee moratorium for Queensland flood victims?

Treasurer Wayne Swan and Assistant Treasurer Bill Shorten made representations that helped secure the moratorium; banks and credit unions agreed to the temporary fee waiver.

Where exactly does the ATM fee waiver apply in Queensland?

The moratorium applies in Queensland's flood-affected postcodes — people in those impacted areas can use other banks' ATMs without paying the usual fee.

When does the ATM fee waiver start and how long will it last?

The moratorium was set to start within 24 hours of the announcement and will apply in the affected Queensland postcodes for at least two weeks.

Does the waiver cover ATM fees when I use an ATM that isn’t from my own bank?

Yes. The waiver specifically covers fees for withdrawing cash from an ATM that does not belong to your own financial institution in the flood-affected parts of Queensland.

Does the ATM fee waiver cover other banking fees or only ATM withdrawal fees?

The measure described in the article refers specifically to waiving ATM withdrawal fees for using another institution's machine; it does not state that other banking fees are covered.

How will waiving ATM fees help everyday investors and residents affected by the floods?

Waiving ATM fees reduces one small but direct cost for people who have lost homes or been otherwise affected, ensuring they can access cash without paying the typical fee (up to about $2) if they can't reach their own bank’s facilities.