CBA and Macquarie bow out of new regional ATM push
Two of Australia’s largest banks have declined to participate in an industry trial as the sector divides under government pressure.
The Commonwealth Bank and Macquarie won’t participate in an industry trial of free ATMs in regional areas designed to assuage growing pressure from Canberra.
Capital Brief has confirmed the two have ruled themselves out as the Australian Banking Association (ABA) applies for ACCC authorisation on behalf of the industry to collaborate on a five-year trial to install and operate fee-free cash machines in 20 key regional areas.
If approved by the ACCC, the pilot would see participating banks, ATM operators and the Australian Payments Network pool resources and test appetite for cash machines to withdraw and eventually deposit cash in areas where branches have dwindled or disappeared altogether, with the hope to alleviate strain on small business.
The initiative, led by Westpac, ANZ, National Australia Bank and the Bank of Queensland, signals the latest divide between the majors as the industry remains split over the question of how to provide banking services outside of the cities, as pressure builds to provide their own solutions or have one thrust upon them.
