New Zealand Banking Association chief executive Roger Beaumont said there was a range of factors taken into account when banks were thinking about where to locate ATMs. “That would probably include things like customer demand for the service, and the practicality of cash in transit services reaching those locations.”
NZ Banking Association chief executive Roger Beaumont said he expected the levy to be appropriate, effective and well-targeted.
“The main reason there are fewer ATMs is that fewer customers are using them. Around 1.5 percent of all customer transactions are made at an ATM, and that’s slowly reducing every year.”
External Reporting Board (more…)
Other factors that a bank may consider include the cost of funding they need from overseas, and also the cost of domestic funding sources such as their customers’ term deposits. If interest rates for loans go up, the flip side is that customers with terms deposits generally benefit from higher interest rate returns on their investments.
Financial Markets Authority – Te Mana Tātai Hokohoko (more…)
Since launch, the Banking Association says FIX has helped recover $10 million in stolen funds for scam victims, and identified nearly 5000 money mule accounts, which are domestic bank accounts used by scammers to transfer stolen funds, either knowingly or unknowingly by the account owner.
New Zealand Banking Association chief executive Roger Beaumont tells me the fee is made up of several components, a large one being the interchange fee which is regulated by the Commerce Commission.
Finance and Expenditure Select Committee
“The Reserve Bank now thinks this matter can be addressed on a voluntary basis, and we welcome that approach,” he said, adding this meant there was no longer a need for the association to make a formal submission. “We are pleased that the Reserve Bank has moved away from the mandatory cash access standard set out in its Keeping Cash Local consultation paper,” he added.