WENDELL HUSSEY | Cadet | CONTACT
The nations banks and large financial bodies are today frantically trying to end the debate around card fees.
This comes after the Reserve Bank of Australia decided to do something other than just raising or dropping recommended interest rates.
The stunning new call, has seen the RBA recommend that card surcharges be banned.
The RBA said it would be in the public interest to remove surcharging on eftpos, Mastercard and Visa cards.
It has also called for a cap on interchange fees paid by businesses, saying the measures would save both business and consumers $1.2 billion a year.
Of course, a number of ‘industry spokespeople’ have come out to slam the calls from the RBA – predictably claiming that the costs will have to be passed on.
While many would assume those costs could be passed on to the large financial institutions that get paid to look after people’s cash, that has unsurprisingly been dismissed.
“No way,” said a spokesperson for one of the Big Banks.
“It’s all very good to say that we should do away with fees, but someone has to pay for them,” said the man whose employer posted a half yearly profit of over 5 billion dollars.
“And the idea that we should simply absorb some of the running costs of running our business is simply crazy.”
“If businesses and consumers don’t want card fees, then they can pay in cash,” continued the man who’s organisation has been pushing people away from cash for decades.
“This is just crazy talk, and we’ll be doing everything we can to just shut this whole thing down.”
More to come.
