Delivering fairer financial services for Wentworth

September 1, 2017
Wentworth

Excessive card surcharging will be banned for all businesses from today, 1 September, continuing the Turnbull Government’s immediate-action approach to delivering fairer financial services for the people of Wentworth.

Prime Minister Malcolm Turnbull, Federal Member for Wentworth, has said “this will give our community the confidence that card surcharges reflect the true cost of the transaction, not an artificially inflated sum designed to profit gouge,”.

“As locals get set for the footy finals they can purchase tickets and airfares free of inflated card payment surcharge hits. This is practical action from my Government to deliver immediate results for Wentworth households.” Mr Turnbull said.

The extension of the ban to all businesses from today follows the regime applying to large businesses from 1 September last year.

Smaller businesses were granted extra time to prepare for the ban, but from today all businesses will need to cease any excessive surcharging. If they continue to impose a charge for card payments, they must restrict it to their reasonable cost of acceptance of the payment.

Businesses have been on notice for more than a year to review their surcharging practices and make sure they understand and comply with their obligations.

Consumer watchdog the ACCC will act as a strong cop on the beat to police these rules. If people find that they are being hit with an excessive surcharge when they go to the shops, buy tickets online or book a holiday, they should not hesitate to contact them on 1300 302 502.

The Turnbull Government is getting on with the job of acting now to deliver a fairer playing field for the families and businesses of Wentworth when it comes to financial services. Our sole focus is on delivering real outcomes, not years of talk.

Further guidance for businesses and consumers is available at: www.accc.gov.au

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