September 1, 2010BOQ has announced a partnership with
rediATM, which will give BOQ customers fee-free access to one of the largest ATM networks in Australia from today.
Managing Director David Liddy says the alliance is a great result for BOQ customers.
“We’re thrilled to be able to offer our customers fee-free access to the second largest ATM network in Australia through our new partnership with rediATM,” Liddy says.
“We now essentially match the big banks on ATM accessibility, which partnered with our leading Internet Banking, mobile phone banking and Phone Banking offerings means our customers have the same, if not better, access to their money as customers of the big banks," he says.
Through the partnership, BOQ cardholders will have access to a network of 3,500 ATMs throughout Australia, 80 percent of which are in shopping centres and high street locations.
“We are confident that the high quality ATMs available through the RediATM network will mean greater network availability and therefore greater accessibility and convenience for our customers. And of course BOQ customers can still use our own BOQ ATMs free of charge as well,” Liddy adds.
Cuscal’s rediATM sub-network was developed to service its tier two financial institution clients, including many of Australia’s credit unions.
According to Cuscal, this was to mitigate the impact of the Reserve Bank of Australia’s introduction of direct charging in December 2008, which had the potential to increase fees for those cardholders not serviced by a large ‘home’ ATM network.
113 financial institution card issuers are now a part of the rediATM scheme, representing 7.1 million cardholders in Australia.
Based on recent usage, bringing together the two networks is expected to save BOQ cardholders approximately $6 million in ATM direct charges annually.
BOQ ATMs will be co-branded with rediATM later this year and all BOQ branding will be removed from Customers ATMs (the previous partner) by mid-2011.
The bank’s existing arrangement with Customers ATMs expires this month.
