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
Speech
ABA CEO Simon Birmingham. Introduction: How Banks Power the Australian Economy
17 June 2026

Our piece of work that has been released today, Mandala providing the intellectual backdrop and analysis to support us in this, the essential infrastructure in relation to the Australian Banking industry, and what it means in the Australian economy, and critically, we want and encourage that we use this as a tool. Banks, our partners,… Read more »

Read more
Media Releases
Economic contribution of Australian banks laid bare in new report
17 June 2026

Surging household ownership of Australian banks, record lending to first home buyers and strong competition helping mortgage holders save up to $2,000 a year are some of the findings of a new report released today. ‘The essential infrastructure: How Australian banks power the economy’ produced by Mandala on behalf of the ABA finds: ABA CEO Simon… Read more »

Read more
Media Releases
ABA welcomes changes to streamline the Financial Accountability Regime
16 June 2026

Australian banks welcome today’s proposal from APRA and ASIC to reduce the regulatory burden associated with the Financial Accountability Regime (FAR). ABA CEO Simon Birmingham said this was a sensible measure announced in the 2026-27 Federal Budget to reduce some of the administrative burden placed on banks related to FAR. “This is a commonsense and… Read more »

Read more