Customers are being warned of a new system of ATM’s that are being dispersed throughout New South Wales. The ATM’s, promoted by a company called iCash are called Cashpod’s and are going to be placed in pubs and clubs and other free standing operations throughout NSW over the coming weeks.

Time Based ATM Fees

The unique attribute of this new Cashpod is that it will allow pub and club owners to adjust the price per transaction being charged to consumers. The idea being that, late at night, fees can be increased. So for example, if you take out cash from the ATM at 8pm it may only cost you AU$1.50 and then after 11pm you may be charged AU$5.00.

The majority of pub and club goers will not want to leave the premises to go to their ‘own’ banks ATM. This will result in the consumer not only being charged an outrageous fee for using the Cashpod in the pub, but they may also be charged by their bank for using a ‘foreign’ ATM.

This option is open to all ATM operators including the banks and independents as of March 3rd 2009, so make sure that you are aware and plan your night out to avoid fees mounting up.

Call us on 1300 138 188.