Submission - Joint response to the Review of the Electronic Funds Transfer Code of Conduct (2008)

Proposal C2

C2Q1 Do you agree with this proposal? Please give reasons.

We propose to redraft the EFT Code to make it clear that:

(a) as specified in their agreement with the subscriber, independent ATM owners must disclose charges for using their ATM before a person performs a transaction (see clause 4.6); and

(b) subscribers need not disclose specific surcharges for using independent ATMs to consumers in statements if they do not know the precise amount of these surcharges.

C2Q1 Do you agree with this proposal? Please give reasons.

Consumer stakeholders support the proposed redrafting the Code to make it clear that independent ATM owners must disclose charges for use of ATMs before a transaction. This disclosure will send a good price signal to consumers and may help to introduce competitive pressure on surcharge pricing.

Consumer stakeholders also support improved disclosure of ATM fees (e.g. ‘foreign’ ATM charges) on the screen for all ATM operators.

Consumer stakeholders also accept that there may be some limits on the amount of detail that can be provided in statements regarding surcharges, however this issue should be reviewed in the next review of the EFT Code as information provisions may improve in the future.





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