When you walk up to a Atm machine, do you pay a fee? No
when you walk up to an attendant at the bank, do you pay them a fee for getting your $? No.
When you walk up to a cafe and use the banks Atm machine (a card payment system) do you pay? Yes.
The Government is cracking down on banks charging customers to access their own money.. There is no reason you should have to pay to spend your own money from your own bank.
They charge the merchants a rental fee; thats where the $ the banks make come from.
Before Paywave we would ask each customer would you like to pay cheque or savings, then customer would reply and put in their passcode. We being the merchants were never charged fees for this. Its only when the paypass system came out and the banks believed they could charge a convenience fee that the whole surcharging came out.
Plainly the banks made up that because its more convenient we will charge you.
TYR Price at posting:
77.5¢ Sentiment: Sell Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)