I just discovered that non-CBA ATM withdrawals now cost $2.00. This is up from $1.50 since February 19, from what I can see.
A 30 percent rise in inflation for an artificial “transaction” expense? More like plain pilfering to me.
With the bank’s infrastructure already written down you’re telling me it “costs” the bank more to process a transaction via another financial institution’s ATM than one of its own? I highly doubt it. If anything it should cost less as you are using a competitor’s infrastructure ;-).
Next we’ll be charged a percentage of the value of the transaction. Hey banks, people that work in IT know it doesn’t cost you any more to process a $1 transaction than it does to process a $1 billion transaction.
I wonder how long the market will put up with transaction fees, all for the privilege of having some greedy bank earn interest on, and invest, customers’ money.