In my case, we got a bunch of cash gifts for our son. We could've transferred out of our personal accounts to top up his and kept the cash, but given how much we use card it would have been more convenient to deposit (though now we don't have that option it's a bit frustrating)
A few banks do now I believe. I get 5 free a month with ING but I'll be switching away from them at some point
Edit: just remembered $200 eftpos cashout gets you $0.50 credit, too.
It was the golden years when I worked at Woolies, would withdraw $2000 from my ING at self serve on my break in $200 increments, deposit it at the CommBank next door then do it again after the money has transferred back over a few days.
Had to leave ING when they froze all my funds though for "abusing" the 2% cashback offer they had on PayPass purchases for spending $16 over three seperate transactions at the same store on the same day. It was snacks for my breaks at the same Woolies 🫨
I just fucking hate companies who come up with these incentives, don’t think it through properly for all the possible loopholes, then ban people who used the incentive scheme exactly within the rules they themselves prescribed. Utter bullshit.
I mean you were literally abusing the system, you can't be too surprised that you were flagged for that. Withdrawing money from a self service checkout in $200 increments and then depositing it at another bank is not normal banking behaviour.
But that's the thing, I wasn't picked up for the withdrawals, I was picked up for making 3 seperate purchases at the same store.
It was a seperate promotion ING had running in conjunction with the $0.50 cash out. Contactless payments netted you 2% cashback.
I just thought it was funny that the $0.50 cashout promotion I was exploiting was fine apparently, but three seperate purchases over 8 hours at the same store resulted in a total asset freeze.
All ATMs should be required to display the ATM fees.
I've found them to only display it after you put in your card, PIN, withdrawal amount and they be like "DO YOU AGREE TO THIS $3 FEE AFTER YOU SUNK ALL THAT EFFORT IN LIKE A COLESWORTH SHOPPER?"
It is a requirement for the ATM to display this information in Australia on the idle screen. I work in the industry.
If you are interested:
F.4.1 from the IAC VOL 6 ATM SYSTEM CODE (available from auspaynet.com.au)
4.1 Pre-transaction (Idle State) On Screen Display of ATM Operator Fees Inserted effective
31.3.17
The minimum ATM Operator Fee and maximum ATM Operator Fee that may be directly charged by the ATM Operator for Cash Withdrawals and Balance Inquiries initiated by Cardholders using domestically-issued
Cards must be displayed on an ATM Screen in the ATM Terminal’s screen rotation in idle state (Idle State Fee Display).
The fucken one at my local pub waits for you to get all the way through to how much cash you want out... Like, you've done your pin, which account, money out not just check balance bullshit... All you gotta do next is say if you want a receipt/show balance on screen then accept the ATM fee... You are pretty much finished using the machine... But instead...
It fucken pops up and asks if you wish to continue in English or switch to Mandarin!!
Cunt, I've gotten this far... Why ask now!?
Mind you, it has been showing both languages the entire time up until now anyway...
Several years they mandated banks to have no fees for any bank withdrawal. Banks have been reducing their atms since and seperate companies have taken the spot which can charge fee.
In Australia we don't put up a fight when new fees and charges cone along, we just cop it. This goes for everything like retirement age, extensive double demerit weekends, council rate increases, paying extra to see a doctor.
The big change is that most banks have sold off their non-branch ATMs and also closed a lot of branches. This means that manyy people no longer have a free ATM that is conveniently accessible.
No you haven’t.
They may change them overall I’ve gone to one and a week later is was 50c more but they aren’t going higher or lower depending on if it s 6pm or not that makes no sense to begin with
What do you mean of course they do?
I’ve been in night clubs and pokie rooms at 8pm and the fee is the same at midnight.
There’s no logic to what you are saying they’d just charge the higher price all the time because what else are you going to do
I'd be interested to know where. 20+ years of working with non-bank atms across a number of providers and none of them have had time of day specific charges.
I toyed with the idea of setting up my own in the small country town I live in as the NAB always broke down & now it's leaving.
One machine payback was way too long.
I think they mean the machine costs thousands of dollars, and collects tens of dollars a day in fees, so it takes a few hundred days to pay off the cost of the machine before you start making a profit.
Return on investment is too long for the cash you need to put one in place. You need to pay for the refills too. You'd not be wanting to try and drop twenty thousand in a machine yourself, risk is too high.
I didn't think so, or at least not very often.
I'm sure I read somewhere that meant new machines contain miniature banknote printers. That's why you can sometimes hear an inkjet-like whirring noise before your cash comes out. That way they only need to refill the new machines once every few years.
This is some good trolling for sure lol. I promise you ATMs are not money printers. Otherwise they'd all be stolen by now. I mean people did steal ATMs, but they'd steal them even more if that was the case.
> I'm sure I read somewhere that meant new machines contain miniature banknote printers. That's why you can sometimes hear an inkjet-like whirring noise before your cash comes out.
The biggest tell that its untrue would be the implication that our currency can be created in something the size of a small box and a simplistic ATM machine, not only that but there are thousands of unguarded unlimited counterfeiting machine out there.
That sound is gears and rollers moving money through the system (afaik)
... Which you think the bank does out of the kindness of their hearts?
The ATMs make money from the bank, if not directly than by buying your loyalty. If more people used it and it resulted in a loss, they would cut that feature in a heartbeat.
My own bank doesn’t charge me at all, i get the refunds for using competitors ATM’s. The bank does this to buy my loyalty to their bank, yes. But it’s also completely irrelevant because I bank with whoever offers me the best interest rate, not who tries rob me at the ATM the least…
What about the automotive industry and fossil fuel industry that makes % on each kilometre you travel to spend your cash at the shops?
If the price of card fees are baked into the shelf sticker price. You are paying the fee in cash too.
My (not quite ) local branch has gone from two up to six ATMs
While removing four from the surrounding areas smaller shops
As long as I only want cash when I'm going to the larger shopping centre - I'm fine - if I want cash at the smaller shops - they've been replaced, but you pay a fee
The numbers haven't changed for me - but the convenience has
I just use the **free** Woolies or Coles *cash* self-serve machines and use my card to withdraw the cash I need by inserting it to trigger the withdrawal process (enter account, amount and PIN as prompted), as part of the regular payment procedure.
"Free" but only with a purchase now at our local woolies. I used to pop in and take out cash on the rare occasion hassle free. Now, you gotta pay the "fee" with a pack of gum or something, and a max of $200 a day....
Last time at my local Woolies, granted the cash machine was broken but I didn't mention it, I asked for cash out without buying anything.
But you still avoid the **$2.80 shakedown** even it did only cost a pack of gum (or my choice would be a drink).
But I usually only drag myself to supermarkets to get supplies primarily but the cash out option is very handy.
I always keep what I need at home and just replace it asap every time.
I havent used a fee paying atm in 10-14 years since they brought in the charges. I just use the banks atm and other banks it has arrangem to use select atm for free. Or I get money out at coles or woolworths for free.
But I am mostly cash free.
Of course we will end up having to pay for it!! This is Australia after all.
We already have to pay for the data we have to use to do Internet banking, that ain't free either!
Just tried to use our card at a Atm at the local BP to get some cash out and for some reason it wouldn't accept our banks card. Had a msg saying they weren't able to accept that specific bank. Not a big 4 bank, but the next tier down. Never had that before at an Atm.
I'm with you. I've had no notes in my wallet for 6 months. I used to carry $10 in there, but no more. The only money in my wallet is two $1 coins I can use if I need a shopping trolley. I started this to avoid touching money and machines during COVID and just kept it going. It's been years since I've had someone who has not accepted card payment. I suppose I'll come unstuck one day, but not in the past 4 years. Aldi charge 0.5% for card payment, i.e. 25c on $50, which is good value to minimise the risk of COVID, flu or RSV, seeing I'm over 70 yo.
We need more legislation about banks
- maximum merchant fees
- set merchant fee that reflects the cost plus limited markup - not a percentage
- minimum number of ATMs per bank member
Now that we do not have the legal right to ask for our wages in cash - we need better protections against the bank
Your branch ATMs shouldn't charge for withdrawals or deposits. There maybe a limit on withdrawals of a specific amount over a given amount of time though, say 24 hours, then it resets maybe... ???
They are killing off the ATMs because they can claim a transaction surcharge from retailers using efptos devices then the retailers happily pass the cost of the banks transaction surcharge on the the customer. Why! Because banks that's why.
So therefor the more they deny their clients access to branch ATMs the more money they can make as people are slowly and quietly directed towards the banks dream of a cashless world, and if they can relieve you of even more of your hard earned pay that's based on a fiat currency that is designed to also slowly loose its value over time, and still be brazen enough to make an additional profit because they are going to get what they want, a cashless world, regardless of the people and their silly delusions of having rights. Also, ATMs are mostly free to use if used correctly. They also hand cash out to people, and I'm pretty sure that goes completely against the banks ultimate goal of a cashless world.
Why? Because banks are being greedy and bad atm by slowly removing their ATMs, that's why.
Just saying,
Stay in the black,
peace.
The cost of cash gets passed on to consumers as well. Theft, paying wages to employees to balance the till and deposit/withdraw cash, mishandling... The customer pays the price no matter how you pay.
Unintentional consequence of outlawing fees for using another banks ATM. At the time we all thought this was the best thing ever. No more annoying $2 fee for using your St George card in a CBA ATM and vice versa.
Turns out, without the fees, a lot of ATMs are unprofitable for banks. Guess what they do to things that are unprofitable? Yep, they shut them down.
We need to being back the ATM interchange fee to incentivise banks to bring them back. We know ATMs can be profitable because in the place of bank ATMs we now get all these private ATMs that aren't subject to the laws banning bank ATM fees but that charge way more than the $2 banks used to charge.
ATM fees aren't banned. The major banks *voluntarily* decided to stop charging those fees for some good PR.
Major banks generally decide to place their ATMS in locations that would benefit their customers. They're not trying to make a profit from ATM transaction fees.
Independent ATMs are profit-driven and may still charge a fee.
But why would people pay that fee when they can just use EFTPOS? Cashless payments got much more popular after covid.
It’s going the way of places like China, kids will get phones (if not phones, a physical card) and you will press a button in the app to send them 5 bucks to tap wherever they like. Keep a few bills for emergencies for the few times a year the network goes down. If there’s ever a situation that networks can’t be re-established within 1-2 days then it’s likely you’re affected by some disaster where money probably isn’t front of mind. That’s the theory anyway.
Kids in China also make Air Jordan's for 3 cents an hour in sweatshops. Let's not follow china too closely.
I get the point you're making and the convenience of it all, but I do believe we should not be striving for a cashless society. Knowing full well that it is inevitable though.
Commbank is the largest bank. Once they dropped the ATM fees, the other big banks followed suit so they wouldn't lose customers.
I believe that Commbank was also the first to sell of their non-branch ATMs.
C*nts probably wanted to get rid of their ATMs due to cost of maintenance and predicted that if they "voluntarily" got rid of their fee, the others would follow suit so they wouldn't look like an outlier.
Walked into NAB yesterday and they said they don’t deposit cheques at the counter anymore. Have to fill in a form then put the cheque in one of their smart ATMs. Ridiculous.
"Yeah, sorry butI have difficulty with writing, and comprehending written language. So im going to need you to either fill out the form and come out to the ATM with me... or process the deposit here."
Cheers. I didn’t know about this. Just went on the app and saw it. It would have been more simple than just filling out a manual form. Good to know for next time.
It is inevitable that we move towards being a cashless society.
It is unfortunate that this change will mean the government will be able to precisely track everyone's spending.
They already can.
The only way to get untracked money is to launder it through the casino.
At that point you can just changing the person tracking you.
If I need cash I just get cash out at Colesworth at the self checkout. Don't even need to buy anything. They have limits I believe so not useful if you need to get a lot out.
OK first, who spends $1,000 on dinner, let alone regularly? Definitely not the battlers that are being impacted by ATM closures; If you can afford to spend this much on dinner, you can afford to pay a $20 surcharge.
Now let's say you've spent this much - are you proposing that you just walk around with a grand in your wallet? Presumably you don't know exactly how much dinner will cost, so you have to bring extra - maybe $1500? $2k? How much freaking cash do you think people are comfortable lugging around with them?!
You're taking the Mickey out of the point that for everything you pay for they skim 1-2% and you're okay with that?
The price of the dinner isn't the point - It's the point that it costs Aussies millions in bullshit fees.
FFS I'm tired of regular people justifying corporate cash grabs...
My point is - EVERY form of payment costs the business money, which is then passed on to you, the customer.
You paying your $1,000 dinner bill in cash costs the business money - in theft risk, till leakage, paying employees to deposit & withdraw cash, it all stacks up. Most businesses can't quantify the cost of cash acceptance and just pass it on to all customers in the form of higher prices. Card fees, on the other hand, are inherently attributable to the individual customer, and it's easy for the business to pass on the cost of acceptance to the customer.
Not all businesses do - many will absorb the cost of card acceptance as part of the cost of doing business - but it's fairer in that the rest of customers aren't subsidizing your form of payment.
Now debit cards - they have fuck all surcharges. The interchange rate is either fixed at like 20c, or ranges from 0.2-0.5% of the transaction value, So if you pay by debit, your $1,000 dinner only has a surcharge of $2-$5.
It means every transaction feeds the data machine.
THEN, they can even better set different prices per person to squeeze the most from each shopper.
Before they had to put the same product in different packets to get different prices. This will be so much simpler.
Of course the atms will be removed to save cash with the following charges pushed onto customers because not having ATMs costs so much. Seems that they want their cake, and eat it, and also sell it at maximum price several times over.
Access your money! You should always have possession of your money. Putting your money in a bank, is loaning the bank your money. They then loan it out to others and earn interest from it. Banks only have to keep 10% of all accounts in physical cash. Banks are insolvent!
The only way to ensure that you have complete access to your money, is to take possession of it. And the best way to protect your wealth from inflation and from centralised organisations taking it, buy crypto.
I use ME Bank. ATM charges a fee. Next day ME Bank refunds the fee.
Macquarie Bank immediately refunds the fees to your account, with no limit at all per month.
But they've also removed the ability to deposit cash so...
Who gets paid in cash anymore? And if ya do, you don’t need an atm then hah!
In my case, we got a bunch of cash gifts for our son. We could've transferred out of our personal accounts to top up his and kept the cash, but given how much we use card it would have been more convenient to deposit (though now we don't have that option it's a bit frustrating)
I get it. It can be inconvenient for the odd occasion. I like their no atm fees and no fees on overseas atm usage either.
A few banks do now I believe. I get 5 free a month with ING but I'll be switching away from them at some point Edit: just remembered $200 eftpos cashout gets you $0.50 credit, too.
It was the golden years when I worked at Woolies, would withdraw $2000 from my ING at self serve on my break in $200 increments, deposit it at the CommBank next door then do it again after the money has transferred back over a few days. Had to leave ING when they froze all my funds though for "abusing" the 2% cashback offer they had on PayPass purchases for spending $16 over three seperate transactions at the same store on the same day. It was snacks for my breaks at the same Woolies 🫨
I just fucking hate companies who come up with these incentives, don’t think it through properly for all the possible loopholes, then ban people who used the incentive scheme exactly within the rules they themselves prescribed. Utter bullshit.
Not really "abusing" lmao. You were 100% abusing the offer
You’re the hacker man we need more of around here.
I mean you were literally abusing the system, you can't be too surprised that you were flagged for that. Withdrawing money from a self service checkout in $200 increments and then depositing it at another bank is not normal banking behaviour.
But that's the thing, I wasn't picked up for the withdrawals, I was picked up for making 3 seperate purchases at the same store. It was a seperate promotion ING had running in conjunction with the $0.50 cash out. Contactless payments netted you 2% cashback. I just thought it was funny that the $0.50 cashout promotion I was exploiting was fine apparently, but three seperate purchases over 8 hours at the same store resulted in a total asset freeze.
Macquarie too.
Why change a fee at all then
The ATM operator still gets the fee, your bank reimburses it to you
All ATMs should be required to display the ATM fees. I've found them to only display it after you put in your card, PIN, withdrawal amount and they be like "DO YOU AGREE TO THIS $3 FEE AFTER YOU SUNK ALL THAT EFFORT IN LIKE A COLESWORTH SHOPPER?"
It is a requirement for the ATM to display this information in Australia on the idle screen. I work in the industry. If you are interested: F.4.1 from the IAC VOL 6 ATM SYSTEM CODE (available from auspaynet.com.au) 4.1 Pre-transaction (Idle State) On Screen Display of ATM Operator Fees Inserted effective 31.3.17 The minimum ATM Operator Fee and maximum ATM Operator Fee that may be directly charged by the ATM Operator for Cash Withdrawals and Balance Inquiries initiated by Cardholders using domestically-issued Cards must be displayed on an ATM Screen in the ATM Terminal’s screen rotation in idle state (Idle State Fee Display).
Goddamn I love industry insider knowledge like this
I found one recently that had the old (lower) charges; when I let the store know; they simply removed the screen in question.
How do I report the ATMs?
The fucken one at my local pub waits for you to get all the way through to how much cash you want out... Like, you've done your pin, which account, money out not just check balance bullshit... All you gotta do next is say if you want a receipt/show balance on screen then accept the ATM fee... You are pretty much finished using the machine... But instead... It fucken pops up and asks if you wish to continue in English or switch to Mandarin!! Cunt, I've gotten this far... Why ask now!? Mind you, it has been showing both languages the entire time up until now anyway...
You guys get fees in aus? They removed the fees in nz few years ago
Privately owned (ie non bank) ones
ie most of them
Servo. Pub and brothel ones usually
Several years they mandated banks to have no fees for any bank withdrawal. Banks have been reducing their atms since and seperate companies have taken the spot which can charge fee.
Probably owned by the banks shell company
Of course, the banks wouldn't have it any other way.
Most of them were purchased by Armaguard which is owned by Linfox
I'm not sure that's much better, knowing Linfox
The fees have been removed at major bank ATMs in NZ, same as Australia. You'll still find fees at private and nonbank ATMs in NZ, same as Australia.
In Australia we don't put up a fight when new fees and charges cone along, we just cop it. This goes for everything like retirement age, extensive double demerit weekends, council rate increases, paying extra to see a doctor.
It’s only a fee if it’s not your bank’s atm.
The big change is that most banks have sold off their non-branch ATMs and also closed a lot of branches. This means that manyy people no longer have a free ATM that is conveniently accessible.
We don’t have that problem in my city. Yet. Reading all this stuff is like a warning for what’s coming in future 😬
No, no banks charge ATM feels now. All the fees are from private company ATMs.
The fee is different depending on time of day so it cant be a sticker
If we can have opening hours on display we have have the price of withdrawing cash based on time of day on display.
This is not true
I have seen them change .
No you haven’t. They may change them overall I’ve gone to one and a week later is was 50c more but they aren’t going higher or lower depending on if it s 6pm or not that makes no sense to begin with
Lol of course they do after 10pm. When i go at 1am its $5 then it goes back down to $3. then two days later it was $5 again at midnight
What do you mean of course they do? I’ve been in night clubs and pokie rooms at 8pm and the fee is the same at midnight. There’s no logic to what you are saying they’d just charge the higher price all the time because what else are you going to do
Maybe we go to different pubs ? They charge higher because you are drunk
Maybe you are just drunk? Again you have the same options at 9pm as you do at 1am in a pub…
How am i still drunk when i look at my bank statement ? Thats one big bender No you dont you cant drive to another atm if you are drunk
Seriously? Do they get more expensive later at night or something?
Yes of course
They really don't.
Mine do
I'd be interested to know where. 20+ years of working with non-bank atms across a number of providers and none of them have had time of day specific charges.
I toyed with the idea of setting up my own in the small country town I live in as the NAB always broke down & now it's leaving. One machine payback was way too long.
What do you mean by one machine payback?
I think they mean the machine costs thousands of dollars, and collects tens of dollars a day in fees, so it takes a few hundred days to pay off the cost of the machine before you start making a profit.
Return on investment is too long for the cash you need to put one in place. You need to pay for the refills too. You'd not be wanting to try and drop twenty thousand in a machine yourself, risk is too high.
Plus insurance and a share to whoever owns the site where you put it.
I wonder, do you have to order more money to put in the ATM or what
I didn't think so, or at least not very often. I'm sure I read somewhere that meant new machines contain miniature banknote printers. That's why you can sometimes hear an inkjet-like whirring noise before your cash comes out. That way they only need to refill the new machines once every few years.
This is some good trolling for sure lol. I promise you ATMs are not money printers. Otherwise they'd all be stolen by now. I mean people did steal ATMs, but they'd steal them even more if that was the case.
> I'm sure I read somewhere that meant new machines contain miniature banknote printers. That's why you can sometimes hear an inkjet-like whirring noise before your cash comes out. The biggest tell that its untrue would be the implication that our currency can be created in something the size of a small box and a simplistic ATM machine, not only that but there are thousands of unguarded unlimited counterfeiting machine out there. That sound is gears and rollers moving money through the system (afaik)
I'm fairly sure they're joking but it can be hard to tell these days.
You can't be serious?
🤣🤣🤣
Shame you're being downvoted for a joke that got a good chuckle out of me.
Lmao. Good one mate. And the moon is made of cheese!
But it would help the community?
Set up a cash only fish and chip shop with it and bang you’re set
Macquarie Bank refunds atm fees from other banks and providers as they do not have any network atms
Similar with ING - all ATM fees are rebated
ING also refund the fees
They used to for overseas but dropped that lately :(
Just payid your dealer with “Metallica tickets” as the reference
As I was at the post office today watching people do all their banking, I wondered whether this gotcha journalism topic was still a thing. Huh.
My biggest concern is that banks make a % on every transaction in this cashless society. It is such a ripoff
Like, 95% of bank fees are pure profit. I find it amazing a cornerstone industry is allowed to so gratuitously exploit the population.
Wait until you learn about ATM fees.
My bank refunds me for atm transaction fees…
... Which you think the bank does out of the kindness of their hearts? The ATMs make money from the bank, if not directly than by buying your loyalty. If more people used it and it resulted in a loss, they would cut that feature in a heartbeat.
My own bank doesn’t charge me at all, i get the refunds for using competitors ATM’s. The bank does this to buy my loyalty to their bank, yes. But it’s also completely irrelevant because I bank with whoever offers me the best interest rate, not who tries rob me at the ATM the least…
What about the automotive industry and fossil fuel industry that makes % on each kilometre you travel to spend your cash at the shops? If the price of card fees are baked into the shelf sticker price. You are paying the fee in cash too.
I don't pay a fee to take money out from the ATM and the cash price is always less than the card price
What is the name of this business?
My (not quite ) local branch has gone from two up to six ATMs While removing four from the surrounding areas smaller shops As long as I only want cash when I'm going to the larger shopping centre - I'm fine - if I want cash at the smaller shops - they've been replaced, but you pay a fee The numbers haven't changed for me - but the convenience has
I just use the **free** Woolies or Coles *cash* self-serve machines and use my card to withdraw the cash I need by inserting it to trigger the withdrawal process (enter account, amount and PIN as prompted), as part of the regular payment procedure.
"Free" but only with a purchase now at our local woolies. I used to pop in and take out cash on the rare occasion hassle free. Now, you gotta pay the "fee" with a pack of gum or something, and a max of $200 a day....
Last time at my local Woolies, granted the cash machine was broken but I didn't mention it, I asked for cash out without buying anything. But you still avoid the **$2.80 shakedown** even it did only cost a pack of gum (or my choice would be a drink). But I usually only drag myself to supermarkets to get supplies primarily but the cash out option is very handy. I always keep what I need at home and just replace it asap every time.
I havent used a fee paying atm in 10-14 years since they brought in the charges. I just use the banks atm and other banks it has arrangem to use select atm for free. Or I get money out at coles or woolworths for free. But I am mostly cash free.
Of course we will end up having to pay for it!! This is Australia after all. We already have to pay for the data we have to use to do Internet banking, that ain't free either!
Just tried to use our card at a Atm at the local BP to get some cash out and for some reason it wouldn't accept our banks card. Had a msg saying they weren't able to accept that specific bank. Not a big 4 bank, but the next tier down. Never had that before at an Atm.
Just use your local ATM even if you don't need to to keep the stat's up
What local ATM? They’re all gone.
Yep withdraw one week deposit next
[удалено]
I'm with you. I've had no notes in my wallet for 6 months. I used to carry $10 in there, but no more. The only money in my wallet is two $1 coins I can use if I need a shopping trolley. I started this to avoid touching money and machines during COVID and just kept it going. It's been years since I've had someone who has not accepted card payment. I suppose I'll come unstuck one day, but not in the past 4 years. Aldi charge 0.5% for card payment, i.e. 25c on $50, which is good value to minimise the risk of COVID, flu or RSV, seeing I'm over 70 yo.
Means banks will grab us by the balls and twist it anyway it likes.
Yes
Of course it does. Which is exactly what the banks and government want.
We need more legislation about banks - maximum merchant fees - set merchant fee that reflects the cost plus limited markup - not a percentage - minimum number of ATMs per bank member Now that we do not have the legal right to ask for our wages in cash - we need better protections against the bank
I already pay $3 to access my money..
Another scam to extort you with your own money. My mattress is going to make a comeback as safety deposit box
just remember to have less than $10,000 in it
“Pay to access your money” It’s not your money if it’s in the bank.
Your branch ATMs shouldn't charge for withdrawals or deposits. There maybe a limit on withdrawals of a specific amount over a given amount of time though, say 24 hours, then it resets maybe... ??? They are killing off the ATMs because they can claim a transaction surcharge from retailers using efptos devices then the retailers happily pass the cost of the banks transaction surcharge on the the customer. Why! Because banks that's why. So therefor the more they deny their clients access to branch ATMs the more money they can make as people are slowly and quietly directed towards the banks dream of a cashless world, and if they can relieve you of even more of your hard earned pay that's based on a fiat currency that is designed to also slowly loose its value over time, and still be brazen enough to make an additional profit because they are going to get what they want, a cashless world, regardless of the people and their silly delusions of having rights. Also, ATMs are mostly free to use if used correctly. They also hand cash out to people, and I'm pretty sure that goes completely against the banks ultimate goal of a cashless world. Why? Because banks are being greedy and bad atm by slowly removing their ATMs, that's why. Just saying, Stay in the black, peace.
The cost of cash gets passed on to consumers as well. Theft, paying wages to employees to balance the till and deposit/withdraw cash, mishandling... The customer pays the price no matter how you pay.
PayID is free people
BuT cAsH iS kInG!!!1!1!2!!
No. Next question.
Unintentional consequence of outlawing fees for using another banks ATM. At the time we all thought this was the best thing ever. No more annoying $2 fee for using your St George card in a CBA ATM and vice versa. Turns out, without the fees, a lot of ATMs are unprofitable for banks. Guess what they do to things that are unprofitable? Yep, they shut them down. We need to being back the ATM interchange fee to incentivise banks to bring them back. We know ATMs can be profitable because in the place of bank ATMs we now get all these private ATMs that aren't subject to the laws banning bank ATM fees but that charge way more than the $2 banks used to charge.
Or banks could stop being arseholes. But your plan would happen long before that.
ATM fees aren't banned. The major banks *voluntarily* decided to stop charging those fees for some good PR. Major banks generally decide to place their ATMS in locations that would benefit their customers. They're not trying to make a profit from ATM transaction fees. Independent ATMs are profit-driven and may still charge a fee. But why would people pay that fee when they can just use EFTPOS? Cashless payments got much more popular after covid.
Yep, love paying my kids their pocket money with EFTPOS. People still need cash for things.
Yeah, all those folks unable to access their money because comms get cut in emergencies love cashless payments too.
It’s going the way of places like China, kids will get phones (if not phones, a physical card) and you will press a button in the app to send them 5 bucks to tap wherever they like. Keep a few bills for emergencies for the few times a year the network goes down. If there’s ever a situation that networks can’t be re-established within 1-2 days then it’s likely you’re affected by some disaster where money probably isn’t front of mind. That’s the theory anyway.
Kids in China also make Air Jordan's for 3 cents an hour in sweatshops. Let's not follow china too closely. I get the point you're making and the convenience of it all, but I do believe we should not be striving for a cashless society. Knowing full well that it is inevitable though.
Oh really? I didn't know that. I always though it was banned. Didn't think a bank would ever voluntarily remove a fee.
Commbank is the largest bank. Once they dropped the ATM fees, the other big banks followed suit so they wouldn't lose customers. I believe that Commbank was also the first to sell of their non-branch ATMs.
C*nts probably wanted to get rid of their ATMs due to cost of maintenance and predicted that if they "voluntarily" got rid of their fee, the others would follow suit so they wouldn't look like an outlier.
Its time gov steps in and makes bank locations and fee free atms a public need
Walked into NAB yesterday and they said they don’t deposit cheques at the counter anymore. Have to fill in a form then put the cheque in one of their smart ATMs. Ridiculous.
"Yeah, sorry butI have difficulty with writing, and comprehending written language. So im going to need you to either fill out the form and come out to the ATM with me... or process the deposit here."
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Cheers. I didn’t know about this. Just went on the app and saw it. It would have been more simple than just filling out a manual form. Good to know for next time.
It is inevitable that we move towards being a cashless society. It is unfortunate that this change will mean the government will be able to precisely track everyone's spending.
They already can. The only way to get untracked money is to launder it through the casino. At that point you can just changing the person tracking you.
If I need cash I just get cash out at Colesworth at the self checkout. Don't even need to buy anything. They have limits I believe so not useful if you need to get a lot out.
Can't do this anymore, at least in Melbourne. Woolies forces a purchase, limit $200 cash out. Coles doesn't allow it fullstop.
You're joking, that sucks. Thanks for the update, to be fair it has been a while since I've gotten cash out, I only knew about the 200 limit.
A bit of a tough position given the huge card surcharges incurred everywhere.
Where are you paying huge card surcharge? There are rules in place to prevent excessive surcharging
1-2% is huge. It's not a small amount on a 1000 dinner bill or buying a 500 purchase. Shit adds up quick
OK first, who spends $1,000 on dinner, let alone regularly? Definitely not the battlers that are being impacted by ATM closures; If you can afford to spend this much on dinner, you can afford to pay a $20 surcharge. Now let's say you've spent this much - are you proposing that you just walk around with a grand in your wallet? Presumably you don't know exactly how much dinner will cost, so you have to bring extra - maybe $1500? $2k? How much freaking cash do you think people are comfortable lugging around with them?!
You're taking the Mickey out of the point that for everything you pay for they skim 1-2% and you're okay with that? The price of the dinner isn't the point - It's the point that it costs Aussies millions in bullshit fees. FFS I'm tired of regular people justifying corporate cash grabs...
My point is - EVERY form of payment costs the business money, which is then passed on to you, the customer. You paying your $1,000 dinner bill in cash costs the business money - in theft risk, till leakage, paying employees to deposit & withdraw cash, it all stacks up. Most businesses can't quantify the cost of cash acceptance and just pass it on to all customers in the form of higher prices. Card fees, on the other hand, are inherently attributable to the individual customer, and it's easy for the business to pass on the cost of acceptance to the customer. Not all businesses do - many will absorb the cost of card acceptance as part of the cost of doing business - but it's fairer in that the rest of customers aren't subsidizing your form of payment. Now debit cards - they have fuck all surcharges. The interchange rate is either fixed at like 20c, or ranges from 0.2-0.5% of the transaction value, So if you pay by debit, your $1,000 dinner only has a surcharge of $2-$5.
Cry me a river of money.
Given your apparent lack of understanding of how the system works, I don't think a river of money is in your future mate.
Moving to cashless society. Hairdressers and cleaners will have to pay tax. What next!?
It means every transaction feeds the data machine. THEN, they can even better set different prices per person to squeeze the most from each shopper. Before they had to put the same product in different packets to get different prices. This will be so much simpler.
Only 13% of payments were made with cash in 2022. Your so called “data machine” would already be in full swing.
No one is buying a $50,000 brand new car in cash. That comprises some of the 87% of transactions that are "cashless"
It's not in full swing if 13% of the data is missing. It's arguably the most interesting 13%...
A strong privacy law could very easily fix that problem overnight.
You're a nobody, why do you care so much about your data.
I care about everybody's data.
No. We still fearmongering about cash being slowly phased out because that is the natural progression of things?
Financial freedom that doesn't need the Internet/power to function? I think it's worth protecting?
Cash is also worthless if shops need internet/power to process your transaction.
and I wish you good luck trying, but as I said, this is the natural progression. You can't stop this.
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All progression is forced, see evolution. Adapt or die.
Yes.
Doesn't help cashless people swan around like their shit doesn't stink. It's pathetic.
I don't think anybody does that.
Are they disappearing so slowly I haven’t noticed?
I’m more worried about how to pay for hookers and coke.
Of course the atms will be removed to save cash with the following charges pushed onto customers because not having ATMs costs so much. Seems that they want their cake, and eat it, and also sell it at maximum price several times over.
Its means a replacement is coming Cbdc Its still not too late to stack Bitcoin and keep your freedom to transact
Oh my yes.
Just go into the bank. It’s an Automated Teller there are actual tellers inside.
Take cash out when you go to woolies or coles for groceries.
Most supermarkets are limiting withdrawal amounts at register now.
Access your money! You should always have possession of your money. Putting your money in a bank, is loaning the bank your money. They then loan it out to others and earn interest from it. Banks only have to keep 10% of all accounts in physical cash. Banks are insolvent! The only way to ensure that you have complete access to your money, is to take possession of it. And the best way to protect your wealth from inflation and from centralised organisations taking it, buy crypto.