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NAB, Cuscal Recieve Interim ACCC Approval To Join ATM Networks

NAB and rediATM customers can utilise the joint network of more than 3,100 ATMs without incurring a direct charge fee

National Australia Bank (NAB) and Cuscal, a provider of business-to-business provider of wholesale banking and transactional banking services, have received an interim ACCC approval to join ATM networks, which enables NAB and rediATM customers to utilise the joint network without incurring a direct charge fee.

Reportedly, the new network, which went live is expected to save NAB and rediATM customers to save money in direct charge fees. NAB has added that the combined network will have more than 3,100 ATMs in rural, regional and metro locations. However, full regulatory approval by the ACCC is expected to get later in 2009.

Craig Kennedy, managing director, Cuscal, said: “The NAB alliance more than doubled the size of the rediATM network, offering customers more locations to avoid ATM direct charge fees. We can now provide significantly greater ATM access and more convenient banking for approximately seven million Australians.”

Warren Shaw, personal banking’s executive general manager for NAB retail, said: “Not only are we focused on doubling our ATM network to provide greater opportunities for our customers to avoid direct charge ATM fees, we also offer highly competitive ATM direct charge fees for non-NAB customers. That means we’re providing cheaper ATM banking for all Australians which is ideal for the 82% of Australians who have used ATMs not owned by their bank.”