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NAB Joins rediATM Network

On Tuesday 1 September 2009, NAB ATMs joined the rediATM network, doubling the choice of Direct Charge Free ATMs to more than 3,100 Australia-wide for Bank of Cyprus Australia customers.

ATM Direct Charging

Following a review by the Reserve Bank of Australia (RBA), the way ATM fees are charged changed from 3 March 2009.

What is ATM Direct Charging?

ATM Direct Charging enables ATM owners to charge you directly for using their ATM.

Previously, ATM owners charged the customer’s Bank who either absorbed the fee or passed on the fee to the customer either fully or partially in various methods.

Why did this change happen?

The Reserve Bank of Australia made this change so ATM transaction fees are more transparent to cardholders and allows them the choice on how they operate within the ATM networks.

Each ATM owner sets their own fees for transactions at their ATMs.

The new arrangement:

- Provides details about how much the cardholder will be charged at the ATM;
- Gives all cardholders the opportunity to discontinue the transaction at no cost;
- Requires the ATM owner to charge their fee to the ATM user directly and immediately;
- Increases the cardholder’s ability to make more informed choices about their ATM usage

In response to these changes, the Bank of Cyprus Australia developed an alliance with the rediATM network which has over 3,100 ATM’s across Australia and which are undergoing a rapid expansion. This means Bank of Cyprus Australia Customers have access to an extensive number of conveniently located ATMs.

If a Bank of Cyprus Australia customers uses a rediATM, they will never be directly charged, however, the ATM transaction will be counted under the existing terms and conditions of the account, as per normal. (Please refer to the Product Disclosure Statement for Savings and Investment Accounts dated the 16 June 2008 Part B: Account and Service Charges.)

rediATM Locations
For a list of all rediATMs, visit www.rediATM.com.au or call us on 1300 660 550. Alternatively you can SMS 199 55 ATM (199 55 286) with your postcode or your suburb and state and within seconds you will receive a return text message with the rediATM locations nearest to you.*
*SMS costs 55c including GST. Cardholders who do not have premium phone line SMS enabled, will not be able to access this service.

How to avoid direct charge ATM fees?

There are many ways a Bank of Cyprus Australia customer can avoid paying direct charge fees at ATMs:

1. Use the rediATMs network;
2. When you make a purchase at an EFTPOS terminal, withdraw cash at the same time. This will only count as one transaction;
3. Use Internet Banking, BPAY and direct debits to pay your bills, as this will limit your cash withdrawals;
4. Withdraw cash from your local Bank of Cyprus Australia Branch;
5. Use your Eureka Visa debit card to pay bills over the phone, Internet or mail. When you do use your Eureka Visa Debit card for purchases, select the ‘credit’ option as, the transaction will not be included in the monthly EFTPOS transaction number.

Should you have any questions, please don’t hesitate to contact your local Bank of Cyprus Australia branch on 1300 660 550.