Westpac Banking Corporation - Notification - N93744

Applicant(s)

  • Westpac Banking Corporation

Notification number(s)

  • N93744

Summary

Westpac proposes to enter into separate agreements with Citigroup Pty Ltd, Australian Settlements Limited (which represents 16 credit unions and building societies), Members Equity Bank, GE Money and Indue Limited (which provides card and payment services). Under the agreements, devised in light of proposed reforms to the Australian ATM system due to start in March 2009, retail-banking customers of each of these financial-services organisations will get a discount on the Direct Charge Fee that would be payable to Westpac when these customers use a Westpac owned ATM.

The ACCC told the notifier on 4 February 2009 that it did not intend to take any further action in the matter at this stage.