Arguably the most hated bank fee across the country is being charged to withdraw money from an ATM but there are calls for the cost to be scrapped. Being slapped with a minimum of $2 to withdraw your own cash from a different bank is a pet hate for most Australians but if Labor and the Greens have their way the fee will abolished. Labor senator Sam Dastyari and Greens senator Peter Whish-Wilson have joined forces to call for the Senate to conduct an inquiry to demand a justification from the banks for the high electronic fees. Mr Whish-Wilson said there were three major concerns about high ATM fees, particularly when it involves using a cash point from another bank - beginning with fees not matching the service provided.Labor and Greens are calling for an inquiry into ATM bank feesIncluding fees to withdraw from other bank's automated teller machinesThe difficulty for rural people to access their own banks in remote areasAnother point argued will be fees not reflecting the services providedCredit card interest rates were also expected to be investigated
A two dollar fee for taking out forty dollars is basically a 5% tax that is collected by the banks,' Mr _-Wilson said.