BEAT ATM FAQ's

What's happening and how will it effect BEAT VISA Debit Card customers?

What is direct charging?

Direct Charging is a more transparent way of the ATM owner charging for transactions, with the fee notified to the cardholder before they complete a transaction. Customers can then choose to proceed with the transaction and pay the fee or cancel the transaction with no fee charged.

Why is direct charging being introduced?

Direct charging is being introduced as part of a package of reforms which have been developed to increase competition and efficiency in the Australian ATM system. Direct charging means fees are more transparent to the customer which will result in increased competition between the providers of ATMs.

Which transactions will incur an ATM owner fee?

ATM owners will be able to charge for withdrawals and account balance enquiries. You will not be charged for any transaction that is declined or unsuccessful or a transaction that you choose not to proceed with.

Will there be a direct charge fee for EFTPOS?

The direct charging fee only applied to ATM transactions. EFTPOS transactions are not affected by these changes.

How much will the ATM direct charge be?

Owners of ATMs will make their own commercial decisions on how much they will charge to use their ATM. The fee will be displayed and customers can decide if they wish to use the ATM or not.

What if I think the ATM direct charge fee is too high?

Under the new system you will know what the fee is before you complete a transaction. Customers can look around for an ATM with a lower fee. By making the fees clear there will be direct competition between ATM owners to provide the service at the best price.

What fees do BEAT charge for linking a Visa Debit Card to your loan account?

Where customers choose to link a Visa Debit card to their BEAT home loan an ongoing monthly fee will apply. The amount of the fee depends on the home loan product and the number of transactions the customer completes per month. BEAT will pass on the ATM direct charge fees accepted by customers and these will appear on loan statements as ‘ATM Operator Fee’.

Which ATMs will be affected by the changes?

The Australian ATM network has 26,500 ATMs which will show the ATM owner fee on the screen at the time of the transaction. There are around 2,500 ATMs which need to be reprogrammed in the next few months so that they also show the fees, in the interim these ATMs will use stickers to display the owner fee.

Does BEAT own any ATMs?

BEAT does not own or operate any ATMs. BEAT is a non-bank lender providing home lending products at the best possible price.