BOQ joins the rediATM network
Australia’s second largest direct charge free network boasts 3,500 ATMs across Australia
Sydney, 01 September 2010: rediATM is pleased to welcome BOQ into the rediATM scheme. From today, BOQ’s 330,000 card linked account holders will have access to Australia’s second largest ATM network, without paying direct charge fees.
BOQ’s 350 bank-owned ATMs will progressively rebrand to rediATM from 1 October 2010, with all becoming part of the network by the end of the year. Once migrated, there will be over 3,500 rediATMs across the country, including many in regional and remote areas as well as in the metropolitan centres.
Based on recent usage, bringing together the two networks is expected to save BOQ cardholders approximately $6 million in ATM direct charges annually.
Cuscal’s rediATM sub-network was developed to service its tier two financial institution clients, including many of Australia’s credit unions. 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.
Craig Kennedy, Managing Director at Cuscal said, “The rediATM network is a unique collaborative effort by customer-focused financial institutions to reduce fees for cardholders, via a first-class national high street ATM network. rediATM is now the second largest direct-charge free network in the country, and it will only keep growing with organisations such as BOQ choosing to participate.
“We are delighted to welcome BOQ into the network, and envisage that the move will be of great service to its customers in helping them access their money anywhere within Australia without fees,” Craig said.
BOQ is the latest in a line of financial institutions who have joined the scheme in the last year. NAB opened up rediATM to its cardholders and migrated its ATMs into the network in September last year, effectively doubling the number of ATMs in the direct-charge-free network. The Greater Building Society joined in May this year, bringing its 250,000 cardholders into the network.
David Liddy, Managing Director at BOQ said, “We are thrilled to be able to offer our customers fee-free access to one of the largest ATM networks in Australia through our partnership with Cuscal for its rediATM network. Joining the national high street network will bring greater choice, accessibility and convenience to our customers.”