The article released by the Australian Consumers Association naming Bank of Queensland as charging $2 fees on declined ATM and EFTPOS transactions on its Choice, Reverse Charges and Ultimate accounts, is wrong.
Bank of Queensland does not apply a $2 Foreign ATM Fee to any declined ATM or EFTPOS transactions.
Charges only apply for a successful withdrawal of cash or balance enquiry.
Customers who enter an incorrect PIN, or select an incorrect account, when using a non-BOQ ATM are not charged a $2 fee, even though the Bank incurs an interchange fee and a processing cost in handling these transactions.
BOQ understands ACA sourced the information from the Cannex database of financial products and services, which the Bank has identified as containing incorrect information in relation to the three BOQ accounts in relation to declined transaction fees.
BOQ is in the process of correcting this information with Cannex.
ACA did not independently check their information with BOQ before publishing their story.
Bank of Queensland has over 2,000 BOQ branded ATMs across Australia that BOQ customers can use without incurring a Foreign ATM fee. This is the second largest bank ATM fleet in Australia.