Australian banks scrap ATM fees

They won't charge their rivals' customers a $1.6 cash withdrawal fee anymore.

According to a report by Bloomberg, Australia’s four largest banks are scrapping cash withdrawal charges for all domestic users as they try to salvage their reputations amid rising political pressure for tougher laws after a series of scandals.

"Commonwealth Bank of Australia, the nation’s biggest lender, said Sunday it would immediately remove the A$2 ($1.60) fee for all users of its 3,400 branded automated teller machines across the country. Westpac Banking Corp. and National Australia Bank Ltd. followed hours later, while Australia & New Zealand Banking Group Ltd. said it would halt the charge from early October," the report said.

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