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Withdrawal sting.(Letter to the editor)
Recently I made three withdrawals from an ATM while overseas via my account with St George bank. I was shocked to discover that as a result I was charged almost $14 in fees for each transaction ($5 plus 2.5%). These withdrawals were standard ATM transactions via the Cirrus network, not credit card cash advances.
This is an exorbitant amount of money considering the marginal costs to the bank of such a transaction are nearly zero. These rapaciously high fees are now being imposed by other banks as well, which have gone from a high flat fee for ATM withdrawals to a high flat fee and a percentage for the transaction.
St George says the cash withdrawal transaction charges reflect the cost and risk involved in providing customers with the ...
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