Yahoo Finance ING slammed over ATM fee move: ‘I’ll be closing my account’
ING customers won’t be refunded for all ATM fees, including those in Australia.
ING has been a popular choice for Aussies thanks to one major benefit; all ATM fees are rebated, whether you withdraw money at home or overseas.
But the bank has announced changes to its ING Orange Everyday account, which will come into effect from August 1. ING currently refunds all three fees, as long as customers meet the bank’s monthly terms and conditions – an offer no other bank matches.
From August, however, the bank will also no longer refund any third-party ATM operator fees that occur overseas.
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Since December 2021, the bank also capped ATM fee rebates to five per month on both domestic and overseas withdrawals.
Customers were quick to express their frustration with the move. Many said it was the only reason they were with the bank.
“Time to start shopping for a new bank,” one Facebook user said.
“I’ll be closing my accounts. That was the only reason I banked with them,” another said.
Many Aussies had signed-up for an ING account after well-known finance commentator Scott Pape (The Barefoot Investor) recommended it.
However, Pape slammed the bank last year for not having proper security systems in place to protect customers against scams.
What do customers still get?
ING will still provide rebates and waivers for currency-conversion fees, ING-owned overseas ATM fees and domestic third-party ATM fees but, again, these will be capped at five times per month.
So, if you’re using one of those ATMs at your local shopping centre, which charges $2.50 to withdraw money, you will still get the rebate, but only as long as you don’t make more than five withdrawals in a month.
You will also need to meet ING’s monthly condition to deposit at least $1,000 into the account and make five transactions per month.
Customers with this account also get up to $100 cashback on their utility bills per year.
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