‘Should be shut down’: Paul Murray slams card payment fees
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- Опубликовано: 3 мар 2024
- Sky News host Paul Murray says according to the Reserve Bank of Australia, debit cards are used “over the top” of credit cards.
Mr Murray said there is a “little detail” in paying with a card resulting in varying fees.
“Australians lose nearly a billion dollars a year in card surcharges.
“Perhaps these fees should be shut down.
“The idea that there’s a fee to use your card to buy things that you would’ve previously bought in cash, is a major change in our behaviour.”
Keep using cash people!
It’s not that simple…
There are also business costs to using cash too!
As an example, it can take a long time to count a till float before opening a shop each day. And additional time to count the register at the end of the day.
Then there is the time to take money to the bank to deposit. And to get change from the bank to maintain the float.
Banks closing ATM's making it more difficult to get cash
Cash is king and we must use it or lose it
Per capita productivity growth has been low in Australia for decades.
Maybe because employees continue to do low efficiency tasks like:
* count floats before stores open
* open tills at the end of each business day
* travel to the bank to deposit cash
* travel to the bank to get change
Card payments literally automate away these tasks.
It's illegal in Australia to refuse cash.
Yeah, BUT
Technically lol
So much for a free market.
Shouldn’t businesses have the right to choose?
(And then if consumers don’t like it consumers can spend their money at a competitor)
@@JamielDeAbrew what alot of people dont realise is its perfectly legal and fine for a business to refuse service/sell whatever it is they are doing for there business even if you come with cash the idea of the market is that the consumer OR the business owner can say no to doing business with the other party thats the idea of a free market if the owner refuses your sale then go to a competitor that still takes cash easy as everyone has a choice and if the business fails becuase they refuse cash thats on them
however it is somehow legal for bank to refuse providing cash
I use cash as much as I can....Im surprised how many people are waking up ....Hearing Cash is King everywhere!!!!
For YOU as a buyer , it makes no difference. You pay same price on the product.
The shop cannot give preferential prices on their products.
@@i3looi2 I think you completely miss the point its not about price buying power its about privacy buying power!
@@i3looi2but the business can pass on the costs of supporting cash…
Employee time to:
* count the cash float before opening
* count the tills at the close of business each day
* go to the bank to deposit takings
* go to the bank to get change
* longer time to process transactions as the cash given by the customer is counted
* etc…
They say that for wage increases (above inflation rates) to be sustainable, productivity needs to increase. Unfortunately people seem to fight against productivity increases every step of the way.
Per capita productivity growth has been low in Australia for decades.
Maybe because employees continue to do low efficiency tasks like:
* count floats before stores open
* open tills at the end of each business day
* travel to the bank to deposit cash
* travel to the bank to get change
Card payments literally automate away these tasks.
@@JamielDeAbrew I suppose it's the same all over the world that deals with cash ....The trade off is loosing all your financial freedom because that is what will happen we both know that!....Oh and heaven forbid the grid goes down and no one can do anything without cash lol
Totally agree with you on this one Mr Murray.
In the US, independent businesses can be seen offering cash buyers 3% to !0% discounts on purchases.
Our businesses here in AU are too greedy. They charge the normal price no matter what you pay with, then ask if you want a receipt. If you say no, they change the sale to a cheaper price without telling you and save on the amount of tax they give the govt. which is 10% of the total.
Cash discounts are bad.
They often mean businesses are:
* paying less company tax by hiding revenue
* paying less GST
* illegally paying workers in cash, often below minimum wage. And even if workers are being paid a fair amount in cash, workers are often not paying their share of income tax
This doesn’t actually lead to lower taxes for everyone. If anything it means the government can’t afford tax cuts for those that do pay tax.
Here they charge you 3% more for using your card
You see why there are forces that want to go cashless? Banks to save money on currency activities/ infrastructure and collect fees from using plastic or other electronic transactions. Then the govt for control purposes.
There are also benefits to business for going cashless…
As an example, it can take a long time to count a till float before opening a shop each day. And additional time to count the register at the end of the day.
Then there is the time to take money to the bank to deposit. And to get change from the bank to maintain the float.
Recently, here in the US of A, they have cut the amount of withdrawl in half, to $200 and raised the amount charged per transaction by double. This gives them 4 times the return as previously.
I do everything I can not to tap and go, because it can take DAYS to actually come out of your account, and I flatly refuse credit cards.
I don't know what card(s) or bank you use, but mine is instant with both debit and credit cards. The only difference is you see on your statement a "POS" next to the transaction, but the balance reflects your purchase. Then when it clears in a few days the POS disappears.
Same with my bank, ING debit right away from the total, depending on the shop if they are setup correctly it’s done right away, there are places like KFC, McDonalds not all of them that show up as pending but ING has ensured my total reflects what I have done until these companies close their registers at the end of the day and then process the takings for the day.
It’s not the banks that does this it’s the places where you have shopped they are not doing the full processing right there on the spot but at the end of the business day. Or in some cases at the end of the week. Stop shopping at those places if it’s that big of an issue.
@@dawsie did you not just say "depending on the shop"? so it's not always instant? but rather "pending" sometimes?
I used cash, if they don't use cash I say get stuffed. If there are surcharge I say nope sorry see ya
Per capita productivity growth has been low in Australia for decades.
Maybe because employees continue to do low efficiency tasks like:
* count floats before stores open
* open tills at the end of each business day
* travel to the bank to deposit cash
* travel to the bank to get change
Card payments literally automate away these tasks.
Excellent analysis. I recently split a lunch bill with a friend, he used tap and go and I inserted my card and selected savings account. He was charged over a dollar more than me. That’s just for one transaction!
In the US, businesses are charging us 3.25 percent for using a card.
My husband, mother and myself get annoyed that the surcharges are getting larger and larger and the purchases are getting smaller and smaller. Yet in regional areas, most places are losing ATMs, and we are forced to use cards as your cash is not welcome at many cafes or shops.
Change what you do and where you go. They want you to think you are powerless, truth is YOU have the power. The only power they have is the power that YOU relinquish. Support cash businesses, boycott card businesses. Change banks. Look at banks like Bendigo and ING etc.
If you look at the legislation is says the merchant can reject cash as long as stated at time of payment and there is nothing you can do about it apart from taking your business elsewhere. Don’t forget your contract law of offer and acceptance the buyer is making the offer and the merchant has the right to accept or reject.
If they scraped the fees at the POS the banks would just on or up the annual fee to cover it.
True.
My guess is that it’s currently tricky for small businesses to compare banks eg
* monthly or yearly fees
* per transaction minimum fees + per transaction percentage fees
* etc…
Scrapping POS fees might make it easier for businesses to compare competitor services.
When the teller asks, "Will that be cash or surveillance?" Answer cash.
Per capita productivity growth has been low in Australia for decades.
Maybe because employees continue to do low efficiency tasks like:
* count floats before stores open
* open tills at the end of each business day
* travel to the bank to deposit cash
* travel to the bank to get change
Card payments literally automate away these tasks.
"People will come to love their oppression, to adore the technologies that undo their capacities to think." - Aldous Huxley (Brave New World)
I pay $4 Dollars a month for Fees because I use Cash for pretty much everything unless I need to buy a big ticket item that I need to keep a Receipt for.. As far as Credit Cards,,, I always pay that off within 10 to 14 days,,, and I never carry a Balance over.. I am smart enough to know that is a TRAP... The $4 dollar fee allows me to make 12 Transactions per Month which I never need to do..
I only use credit cards for overseas travel and like you pay early to avoid any fees other than the annual card fee
Change your bank!!!!!!!!!!!!!!!...there should be zero fees for a savings account we are forced to have...I remember when we went from getting a FAT pay envelope full of cash, to EFT in 1985 approximately, a piece of paper with my earnings listed on it, I then had to go to the bank to withdraw my cash!!!! Its a control method, gradually introduced over a period of time, just so us plebs dont revolt toooo much! BE SMARTER THAN THEM...remove your money from Banks...leave just enough to cover your direct debits...
Using CASH, the grubberment cant monitor your purchases, and, for the future...CONTROL YOUR LIFE!!!!! ITS A BIG CON FOR THE WEF O ENSURE THAT BY 2030, YOU VILL OWN NUSSING AND BE MISERABLE!!!!!!!!! good luck!
$4 a month I do 5 to 8 transactions a month and don't pay a monthly fee
Ur being " ripped"
@@AU_4591 Sorry,,, I do get something like 10 Debit Transactions for that $4 dollars,,.. but I rarely use them,,, and I can do all the Bank Machine transaction I want as long as it is my bank...
Banks should not be charging the fees to businesses now . Banks already have everyone's "cash". Stop the excessive fees they charge to merchants and the issue will go away. And every one saves.
Kurt Russell, 3,000 Miles To Graceland, at the very end, said "Cash is King." IS that where you all are getting the phrase from too?
NO...
Shame to have to state the obvious but I;m familiar with modern day Australians, so ...Where did you first hear it? @@burglar42
Been around longer then that!
So when and where did you first learn of the expression? @@burglar42
Take all your cash out of banks...CASH IS KING...laziness will ensure another loss to our freedoms. The sleeping sheeple are so unaware of the hidden agenda...to have absolutely no control of your own destiny. BOYCOTT CASHLESS BUSINESSES...withdraw all your money out of banks...they only work to make PROFIT!!!!
Per capita productivity growth has been low in Australia for decades.
Maybe because employees continue to do low efficiency tasks like:
* count floats before stores open
* open tills at the end of each business day
* travel to the bank to deposit cash
* travel to the bank to get change
Card payments literally automate away these tasks.
The thing about card fees is that it is a bank charge. Small businesses are held to ransom, pay up or recover your costs. Banks are just greedy as always. The fact that it is instant banking makes it and even bigger crime. Ban the banks doing it now. Where is the Government on this? Nowhere as somehow they will be getting a cut
And large businesses negotiate better rates
Thanks, thankfully my bank does not do this it’s why I went with ING when they first came out in Australia and made them my primary bank. I stopped carry large amounts of cash years ago after I got mugged and nearly lost my bag and money along with it. I no longer carry a handbag just my purse and phone.
Even the Australian Taxation Office have introduced a bank fee recovery scheme where they seek to recoup the bank fees charged to THEIR bank account, on receipt of GST fees paid into that account by long suffering unpaid tax collectors, I think it’s about 1.1%, just imagine the dollars involved. This, as I believe to be the case, means that the GST rate is not 10% but, in fact, 11.1% or thereabouts. Rather sneaky, don’t you think?
CASH IS KING.
Is was and always will be
And that's the bottom line because I said so hell yeah
Why?
Cash is freedom and a human right. Don't allow the banks to possess, control and charge you for using your money. Fight a cashless society. The government won't protect you.
Per capita productivity growth has been low in Australia for decades.
Maybe because employees continue to do low efficiency tasks like:
* count floats before stores open
* open tills at the end of each business day
* travel to the bank to deposit cash
* travel to the bank to get change
Card payments literally automate away these tasks.
@@JamielDeAbrewand your freedom
make GETTING PAID IN CASH great again.
Why?
Convenience costs, hello, who doesn't love convenience.
There are business costs with supporting cash too eg
* count floats before stores open
* open tills at the end of each business day
* travel to the bank to deposit cash
* travel to the bank to get change
Card payments literally automate away these tasks.
Yes I pay a fee when I withdraw from my local ATM, but I withdraw the maximum amount my card will allow. I don't withdraw as often & pay the minimal fee. generally 2k per use. It is the same fee for $20. makes no sense. Just money grabbing.
A certain airline flatly refuses to take cash... had to take train from SYD to BNE
Why are you against paying with card?
This needs to be fixed.
Is it legal to refuse legal tender in Australia?
Businesses have an obligation to accept legal tender unless an alternative means of purchase has been specified by verbal or written agreement.
By purchasing goods or services, you’re entering into such an agreement with the seller. A business can set the terms of the agreement prior to the purchase, including how payment will be made, including by putting a sign in the store about what kinds of payment methods will or won’t be accepted.
Therefore if you provide verbal or written notice prior to entering the contract with your customer, your business isn’t obliged to accept cash as a form of payment. And instead, you can state you’re only accepting cashless payments.
It’s not uncommon for some shops to display signs at their checkout or at the door to give customers adequate notice that they refuse cash payments.
I run a small retail business and I have had to pass on Surcharge to customers as it was costing my Business 2K annually
I'd prefer not to but its a huge expense for a small business
How much does it cost if all customers use cash? Have you worked that out? All those hidden costs? Counting, balancing, storing, get changes, etc trip to banks. Bet they work out to be the same.
It’s definitely a money making thing. You’re not just paying a fee, you’re generally paying 1% to 3% of the entire transaction cost. I bank transfer my strata fees as the surcharge is about $25 if using a card, which is a good example of what a con it is. It probably costs about 30c to process.
Pay cash …the banks are ripping you off.
If they take the fee out of the purchase with the card, they will just raise prices on everything, and you will pay for it on the price whether you are paying cash, credit or debit. One way or the other it will always be passed on to the consumer. Either the card user pays the fees, or everyone pays for it in jacked up prices. It seems that it would be most practical to let those using the service pay the fee rather the everyone paying for the convenience even when they are paying cash.
Rereading my comment, the same fee for $2000 or $20.
How much money goes to which owner corporations overseas as a result of the same corporation's lobbying activities enforcing card ownership and use? WEF attendees perhaps?
Why business allows to charge extra just because we use cash? They save all the money for us not using cash by hiring armguards, gettingchanges from bank, counting all that cash and storing them.
You can turn tap & go off your cards I have taken it off mine.
Why would you limit yourself?
If tap & go is turned on, you can still choose to:
* insert your card
* pay cash
@@JamielDeAbrew if you are referring to me. Because the business (early experience) doesn't get the money immediately, usually takes days, and I am sick & tired of big companies using my money on the short time money market to make more money.
For YOU as a buyer , it makes no difference. You pay same price on the product.
The shop cannot give preferential prices on their products.
So in this scenario, where (IF) shops increased product prices to cover the contactless/card fees, you get self-scammed if you pay with cash.
Do I think it's a lot in fees ? YES
Do I think it should be no FEES ? NO.. cause using the network and transactions uses money. And the bigger the shop, the higher the volume of transactions .. So, the fees you pay being a ratio of the number of transactions seems reasonable. At the end of the day, regardless of big/small seller you pay % of merch sold. Not a fixed value.
TL;DR
you use cash ---> shop keeps the fee
you use card ---> fee goes to bank
----------------------------------------------------------
you pay same price
Business have costs associated with cash too eg
* count floats before stores open
* open tills at the end of each business day
* travel to the bank to deposit cash
* travel to the bank to get change
Card payments literally automate away these tasks.
If banks discourage the use of cash, the introduction of AI could eliminate the need for traditional banking entirely. AI has the capability to handle all transactions, aligning with the direction of the ongoing technological advancements. Personally, I prefer to use cash whenever possible.
Computer says NO!!!!!!
People who tap and go are lazy. They can pay the price.
I am sorry to disagree shops can chose to not except cash.
Bob Catter was wrong unless the law has changed.
extraction is the game and you are force to play
Will the tooth fairy accept only card in future?
Headline should read “Paul Murray slams ten meat pies and a two litre of coke”
And what do you eat while stuck in front of your PC all day and half the night?
Stick to eating flies froggy!