ATM Reform / ATM Direct Charging

What is ATM reform?

ATM reform is a significant change in the way financial institutions can charge customers for certain ATM transactions.

Who is introducing the change?

The change is being introduced at the encouragement of the Reserve Bank of Australia.

When will it happen?

The changes will be effective from March 3, 2009.

What is ATM Direct Charging?

ATM Direct charging means that when a cardholder uses their card at an ATM other than one that belongs to their financial institution (a foreign ATM), a fee may be levied by the ATM owner.

How will members know if they are being charged a fee?

With direct charging, cardholders will be shown the ATM owner’s fee at the ATM and will be given the option to cancel the transaction at no cost if they are not prepared to pay the fee that is displayed.

Will Heritage be charging its members a fee?

Heritage will not charge members a fee (currently this fee is $1.50) to use a non-Heritage or foreign ATM. However, members may incur a fee from the ATM operator. Members will be shown the ATM operator fee at the ATM and will be given the option to cancel the transaction at no cost if they are not prepared to pay the fee that is displayed. If the member elects to proceed with the transaction the fee charged by the ATM owner will be added to the withdrawal amount.

Are there any other changes that Heritage is making to assist our members to reduce fees?

Heritage will be increasing the number of free EFTPOS transactions that members receive. This is to allow members greater free access to use EFTPOS to get cash out.

Will there be any changes to account transaction fees?

Currently Heritage does not charge a fee to use its own ATMs for a number of account types. This has been expanded to include the majority of accounts.

To access further information members can refer to the following websites:

• Australian Payments Clearing Association (APCA) www.apca.com.au
• Australian Bankers Association (ABA) www.bankers.asn.au