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FINWIRES

ACCC Proposes Approval of Regional Multi-Bank ATM Trial

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The Australian Competition and Consumer Commission (ACCC) is proposing to approve a regional automated teller machine trial for multi-bank withdrawals and deposits, it said Friday.

Under the trial to be conducted by the Australian Banking Association and other financial institutions, all holders of an Australian-issued card will be able to withdraw cash on a fee-free basis, while customers of participating banks will be able to deposit cash without a fee.

The ACCC said it proposes to grant authorization for three years, and is seeking feedback on its draft determination by Sept. 3 ahead of a final decision.

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