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 urge small business to stay alert to the risk of scams
24 August 2026

Four in five small and medium businesses say they have been exposed to an attempted scam in the past year, according to new research commissioned by the Australian Banking Association. This Scams Awareness Week, banks are reminding small businesses across the country to take steps to scam proof their operations and protect themselves as well… Read more »

Read more
Media Releases
Banks welcome passage of legislation to regulate Australia’s cash-in-transit sector
20 August 2026

The ABA welcomes today’s passage through the Parliament of the Cash Distribution Framework Bill 2026, an important safety net shoring up the ongoing distribution and availability of cash across the economy. ABA CEO Simon Birmingham said banks continued to support customers who choose to use cash and this regulatory framework would provide greater certainty for… Read more »

Read more
Media Releases
Banks welcome much-needed CSLR reset
19 August 2026

The ABA welcomes the commitment today by the Assistant Treasurer and Financial Services Minister Daniel Mulino to make the Compensation Scheme of Last Resort (CSLR) more sustainable by reducing the losses and costs associated with it. ABA CEO Simon Birmingham said changes to the CSLR must help contain losses that generate claims and place the… Read more »

Read more