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What's on your Christmas wish list?

“All I want for Christmas is no more ATM withdrawal fees…”

Is that how the song goes? Perhaps not, but it is likely on the wish list of most Australians. 

ATM fees have been a way of life for a good few years. Encouraging people to use their own ATMs over competitors’ and also to encourage the use of cashless forms of payment (instead of cash) Banks and credit unions have been charging us access to our own money.

But crossing the road for your own bank or credit union’s ATM (or marching off in search of one) to avoid being charged to withdraw cash is virtually now a thing of the past. Endeavour Mutual Bank is delighted to announce we have abolished all ATM withdrawal fees. The ‘Big 4’ banks have made a similar announcement and other smaller financial institutions are likely to follow suit.  Though there will still be independent ATMs charging fees, (such as those in pubs and convenience stores), Members are encouraged to use any ATM which does not direct charge.

Did you know that the use of ATMs has fallen 40% since 2009? Is that because we’ve been discouraged by ATM fees or because our spending behaviour has changed? Or perhaps a bit from column A and a bit from column B.  So many people now feel comfortable leaving the house without cash in their wallet, because they know most businesses will let them pay for their goods and services with a card. With the exception of market stalls and cash on delivery arrangements it’s easy to get through a whole week without a single coin passed from your hand to another’s.  Many of our members are using free payment services such as payWave, and an increasing number have downloaded the smartphone Digital Wallet apps: Apple Pay, Android Pay and Samsung Pay.  And the Endeavour Mutual Bank Banking App allows you to bank anytime, anywhere at your convenience and with the click of a couple of buttons.  

Whether you prefer to take advantage of the latest 'cashless' technology or you're of the 'cash is king' mindset, with the end of (most)* ATM charges coming into effect as the year draws to a close, Australians can finally tick one of their wishes off the Christmas wish list. 

* some independent ATMs may still apply a direct charge for withdrawals.