ATM fees rising
Fees to use the "wrong" automatic teller machine will cost as much as $2.50 at many more ATMs as iCash Payments and Cashcard lift fees over the coming weeks.Last week, Cashcard elected to lift fees to between $2.20 and $2.50 at ATMs located in pubs, but not other locations, from $2 previously.Two weeks ago, another independent owner of ATMs, iCash payments, wrote to its merchants advising of a rise in fees from the beginning of March. Fees will rise to $2.40 in most cases, from $2.The firm gave merchants the option of restricting the increase to 30 cents, from 40 cents, and forgoing a rise of 10 cents in the share of fees rebated to the merchant.Those merchants wanting to hold the fee at $2 will have to wear a cut in their share of the fees of 30 cents.Customers Limited, the largest non-bank owner of ATMs, steered through fee increases on part of its fleet late last year.Non-bank owners of ATMs have experienced a decline in traffic of about one quarter since the introduction of direct charging two years ago, analysis, by MWE Consulting, of RBA payments data shows.This decline, along with the rising costs of bailment, security and maintenance, is the reason cited by ATM owners for the increase in fees.