And they seemingly have no plans to change that.
As Australians welcome news of the big four banks dumping those hated $2 ATM fee for non-customers, the American owners of our country’s biggest ATM network is tipped to raise its fees.
Industry insiders say that means fees for non-bank ATMs in pubs and convenience stores will go up, not down, according to The Sunday Telegraph.
Why? Because they can.
They are confident those caught short with an independent ATM in front of them won’t bother to seek out a free source of cash.
US-owned Cardtronics has a network of 10,200 ATMS in Australia — three times more than the Commonwealth Bank which led the charge in dropping the fee last week.
With the cost of using those Cardtronics ATMs at least $2.75, it’s estimated the company’s machines generate $138 million annually ($13,500 per machine).
Cardtronics would not comment on what it planned to do in the wake of banks scrapping the fee last week.
But Australia’s second biggest independent operator, Stargroup, forecast fees would rise to account for any fall in volume, and to offset increasing technology and cash-transit costs.
“I think medium to long-term, prices will go up,” Todd Zani, CEO of Perth-based Stargroup, which has 2300 ATMs told News Corp Australia.
He said people were “prepared to pay for convenience”, pointing to a trial last year in which Stargroup upped its charges by $1 to $3.50 at seven locations.
“It had zero impact,” he said.
DC Payments ATMs are the most common in the country. Picture: TwitterSource:Supplied