2017.09.2422:13:00UTC+00Australian Banks Scrap ATM Fees

The four biggest banks in Australia are removing cash withdrawal fees for all local users as they attempt to recover their reputations' status amid increasing political pressure for stricter laws following a series of scandals.

Australia's biggest bank, the Commonwealth Bank of Australia, announced on Sunday that it would scrap the A$2 or $1.60 fee for all users of its 3.4000 automated teller machines located across the nation. A few hours later, Westpac Banking Corp. and National Australia Bank Ltd. followed suit a few hours later. Meanwhile, Australia and New Zealand Banking Group Ltd.

Consumers have long criticized why they need to pay in order to access their own money, so the decision to remove the fees gives the industry, which has been hit by a string of scandals, some positive publicity.

Commonwealth Bank has been tackling allegations that it repeatedly broke anti-money laundering laws and is now faced with a civil court case and two regulatory investigations.

Treasurer Scott Morrison told the media on Sunday that the Commonwealth Bank has tackled the issue, referring to the removal of cash-withdrawal charges. But he added that it is important to continue to take action across a variety of issues that are required to ensure that our banking is unbiased, more stable, more accountable, and more competitive.