ACCC approves Bendigo and Suncorp ATM alliance

The Australian Competition and Consumer Commission yesterday gave its blessing to a proposed ATM alliance between Bendigo & Adelaide Bank and Suncorp. The shared network will create a fleet of about 1600 ATMs available for use without fees by customers of both banks.

There have been a number of ATM alliances since the foreign bank ATM charging rules were changed last year, most notably National Australia Bank's alliance with the rediATM network.

ACCC chairman Graeme Samuel said in a statement: "Under the reforms there is the potential for larger financial institutions to gain a competitive advantage over smaller financial institutions by virtue of their larger network of ATMs, at which they can continue to offer their cardholders direct fee-free transactions.

"Recognising this, the reforms provide for smaller institutions to develop arrangements such as those proposed by Suncorp and Bendigo & Adelaide to facilitate access to direct fee-free transactions at a wider range of ATMs.

"The ACCC may grant authorisation when it is satisfied that the public benefit from the conduct outweighs any pubic detriment."