Stargroup shrugs off bank ATM fee change

October 11, 2017

ATM operator Stargroup says moves by major banks, including ANZ, to cut ATM fees have not hurt.

Independent ATM operator Stargroup says last month's announcement by major banks abolishing transaction fees from their ATM's has had little impact on its own network or projected revenues.

Transactions at its ATM network were up 2.2 per cent in the first week after the announcements, while the amount of cash withdrawn was up 2.4 per cent, Stagroup Chairman Todd Zani said.

StarATM's sites are carefully chosen after considering proximity to other ATM's and are also located in pubs, nightclubs service stations and similar locations that are typically ignored by banks, which has insulated it from the bank policy changes, he said.

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