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Update to ATM Fees and Transaction Allowance

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Thursday, 26 October 2017

In response to recent announcements from the major banks regarding ATM fees, we will be making the following changes effective 1 November 2017:

  • Qudos Bank will no longer deduct $2 from the transaction allowance on cash withdrawals and balance enquiries for ATMs provided by Qudos Bank, Westpac, St George and the Bank of Melbourne*. However, Cashcard and Travelex ATMs within Australia will continue to incur $2 transaction allowance deductions for balance enquiries and cash withdrawals.
  • Qudos Bank will no longer deduct $1 (in addition to the owner charge) from the transaction allowance on cash withdrawals and balance enquiries for all other Australian ATMs.
  • Customers will continue to incur transaction allowance deductions for owner charges at Australian ATMs where the ATM owner still levies them.

With all major banks recently announcing that they will be abolishing owner charges throughout Australia, this means that Qudos customers can use Qudos Bank ATMs or the ATMs of any of the major banks for cash withdrawals and balance inquiries and not incur any deductions from their transaction allowance.

We hope to make further changes to our fee structure in the first quarter of 2018, so stay tuned for further updates.

For more information please see below FAQs.

*Excludes Cashcard and Travelex ATMs, and overseas cards. Credit card cash advance fees still apply. ATM owner fees may still apply to some banks and independent ATMs.

 

  What’s changing?
Qudos Bank will no longer deduct a $2 fee from your transaction allowance for the use of our ATM network, and won’t impose a $1 surcharge on cash withdrawals and balance enquiries for ATMs outside of the Qudos Bank network.
  What do these changes mean for me?
Where major banks have ceased to impose owner charges, you will be able to use those ATMs for cash withdrawals and balance enquiries at no charge.
  What remains the same?
Customers will continue to incur owner charges at Australian ATMs where the owner still levies them.
  When do the fee changes apply?
1 November 2017.
  Do you still have a preferred network?
We no longer have a preferred ATM Network , and recommend you use ATM facilities that don’t charge any additional fees.
  Does this change my transaction allowance?
The removal of ATM withdrawal fees doesn’t change your individual transaction allowance, however your allowance may stretch further if you use fee free ATMs.
  What happens when I use one of the big banks ATMs?
If the ATM owner has implemented fee changes (example CBA) then no fees will be incurred. For those who are still working on implementing their changes, fees may still apply in the form of an ATM owner fee.
  What happens if I use a non-major bank ATM?
Fees may apply. Please ensure you take note of the ATM owner fee which will be communicated on the ATM screen at the time of your transaction. The advised fee will be deducted from your transaction allowance.
  Why does a fee apply for Cashcard and Travelex ATMs?
Cashcard and Travelex ATMs are independent ATM networks and charge owner fees. Qudos Bank applies a flat $2 fee, which will be deducted from your transaction allowance.

 

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