Skip to main content
Financial Assistance Hub

Bank fees drop following abolition of ATM withdrawal fees

Bank fees drop following abolition of ATM withdrawal fees

20 June 2019

While the cost of living for Australian families continues to rise, bank fees charged to households have dropped by 6.5% over the last 12 months, the largest fall since 2010, according to the latest RBA data.

While the cost of living for Australian families continues to rise, bank fees charged to households have dropped by 6.5% over the last 12 months, the largest fall since 2010, according to the latest RBA data.

The dramatic drop is largely due to the abolition of ATM withdrawal fees by several banks, a reduction in home loan and deposit account fees and reducing overdrawn and dishonour fees.

CEO of the Australian Banking Association Anna Bligh said banks are listening to the community and are making real changes to the way they do business, benefiting Australian customers.

“While power bills, gas bills, health care and other items are going up, bank fees charged to households are going down, dropping by 6.5% over the last 12 months,” Ms Bligh said.

“The drop in fees is a direct result of banks listening to community concerns and abolishing many fees which were out of step with community expectations,” Ms Bligh said.

“Abolishing fees on ATM withdrawals is a major reason behind largest drop to fees for close to a decade.

“Overdrawn and dishonour fees have also been reduced by banks over the last 12 months as they have listened to customers who told them that they were unreasonable.

“Banks continue to work hard to earn back the trust of the Australian public, through abolishing fees that are seen as out of step with the community and other initiatives such as the new Banking Code of Practice which will deliver new rights and protections for customers when it goes live on July 1 this year,” she said.

ENDS
Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Media Releases
Banks pay $16 billion in tax as regulatory imbalance comes into focus
28 April 2026

Australia’s banks contributed a record $16 billion in taxes and other levies in the 2025 financial year, enough to fund over 370 million bulk-billed GP appointments, according to a new report released today by the Australian Banking Association. The Contribution Gap: Tax and regulatory imbalances in the digital age, highlights the critical role banks play… Read more »

Read more
Media Releases
Banks welcome progress to establish regulatory framework for cash distribution
22 April 2026

The ABA welcomes the release today of Treasury’s exposure draft legislation to regulate Australia’s cash-in-transit sector. ABA CEO Simon Birmingham said this regulatory framework was an essential piece in the puzzle of ensuring cash remains available to Australians who still use it. “This is a welcome step and will be an important safety net in… Read more »

Read more
Transcript
Simon Birmingham on ABC Radio Sydney with Thomas Oriti discussing banking support for businesses
20 April 2026

E&OERadio InterviewABC Radio Sydney20 April 2026. Topics: Banking support; Interest free loans for business; Industry groups call for red tape reduction; Work from home arrangements Thomas Oriti (Host): We’re hearing today that Australian banks are supporting the roll out of zero interest loans with banks to administer them to businesses in identified priority sectors with… Read more »

Read more