The Australian Competition and Consumer Commission has authorised an initiative to reduce total ATM fees in very remote Indigenous communities, involving a number of banks and ATM deployers.
“The ACCC has authorised a project coordinated by the Australian Bankers' Association (ABA) to provide fee free ATM withdrawals and balance inquiries at 76 selected existing ATMs to the customers of participating banks,” ACCC Chairman Rod Sims said.
“This will help to alleviate financial and social disadvantage for Indigenous people living in very remote communities by addressing the issue of high ATM usage and removing fees for certain transactions.”
The authorisation has been granted for five years, as sought by the ABA, and does not extend to deposits or other ATM transactions more broadly.
The project is a response to the ATM Taskforce Report which found that people living in very remote Indigenous communities pay relatively high levels of total ATM fees, due to frequent ATM usage and a lack of access to alternatives.
The communities to benefit from the ABA project are located across the Northern Territory, Queensland, South Australia and Western Australia. Full lists of the ATM locations and participating banks are attached to the authorisation determination, available from the Authorisations register page.
Authorisation provides statutory protection for conduct that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act 2010. The ACCC may grant an authorisation when it is satisfied that the public benefit from the conduct outweighs any public detriment.