The Reserve Bank of Australia said it will introduce reforms that will give the public more information on the cost of using ATMs.
The central bank said: "When implemented, these reforms will significantly increase the transparency to consumers of the fee charged for withdrawing cash from an ATM." It added that the changes will lead to more choice for consumers, along with more competition.
The reforms, developed by the Australian Bankers' Association, have three key elements:
· to introduce
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