New credit card surcharge rules

Do you operate a business? Do you have a surcharge for credit card payments? After 1 September 2016, you may not be able to implement those surcharges anymore. Last week, the Australian Competition and Consumer Commission announced it would use its new powers to crack down on unnecessarily high surcharges which exploit consumers. Now, the…

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NAB Fee cuts – there’s more to it

National Australia Bank’s recent fee cuts have received much positive media attention yet the moves mask a deeper strategy by the bank to access cheaper funding lines.The media has generally portrayed the move as having the aim of keeping existing customers happy whereas it was more likely done as a move to attract new deposit…

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ASIC releases financial hardship report

ASIC, in conjunction with Consumer Affairs Victoria (CAV), has released a report examining how lenders and mortgage brokers respond to borrowers experiencing financial difficulties. The report, Helping home borrowers in financial hardship (REP 152), found that while some lenders are responding well to the needs of their customers, there is generally room for improvement and…

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