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MEDIA RELEASE
NICK XENOPHON M.L.C. INDEPENDENT
NO POKIES MEMBER OF
THE LEGISLATIVE COUNCIL
FOLLOWING
NEWS THAT BANKS HAVE MADE ALMOST $600
MILLION IN ‘FOREIGN’ ATM FEES – PUSH FOR SA TO LEAD LEGISLATIVE
CHANGE: ATM FEE DISCLOSURE
SHOULD
BE AUTOMATIC
Mr
Xenophon is proposing a Bill to be introduced into State Parliament after the
election that will force disclosure of all fees prior to the transaction being
completed.
Under
the proposed Bill, banks would be forced to disclose – within three months of
the Bill passing – basic consumer information at ATMs including:
• An
indicative range of fees that will be charged at the ATM – before the
transaction is commenced; • The difference in fees between ATM usage by customer of the financial institution the ATM is operated by, as compared
to non-customer, with a clear warning on
the differential fee that could be applied to non-customers.
“For
too long, for too many Australians, using an ATM has been a bit like an
‘unlucky dip’ when it comes to the fees that banks can slug their users.”
“At
a time when the banks are making multi-billion profits in general, with windfall
profits from ATMs in particular, this basic consumer information is long
overdue.” Mr
Xenophon predicted that if the bill was passed “
“This
proposed legislation will have the effect of stirring up the cosy club-like
atmosphere banks seem to have on ATM fees.”
Written and authorised by Nick Xenophon, 653 Lower North East Road, Paradise, SA 5075
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